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Ripples Scores Legal Victory As Tetragon Loses Its Case Against Fintech Giant

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Sat, 03/06/2021 - 08:22
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Yuri Molchan
The court has declined Tetragon’s request to redeem its funds from Ripple due to the SEC legal suit claiming XRP to be a security
Ripples Scores Legal Victory As Tetragon Loses Its Case Against Fintech Giant
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Ripple has scored a legal victory as the Delaware Chancery Court has turned down the request of Tetragon to redeem its investment from Ripple Labs, as reported by Bloomberg.

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As reported by U.Today earlier, Tetragon Financial Group had led the Series-C funding round for Ripple and helped the blockchain giant raise $200 million at the end of 2019.

This pushed Ripple to the evaluation of over $10 billion and making it a decacorn.

Tetragon is headquartered in the UK, managing a $2.32-billion capital and it is the largest shareholder of Ripple.

Related
Ripple Sued by Top Stakeholder That Led Its Series-C Funding Round

The company’s law suit against Ripple filed on January 5 was based on the suit of the SEC against the fintech giant, claiming that the cryptocurrency XRP associated with it, is an unregistered security.

However, the court has ruled that until the SEC legal suit is resolved, the actual status of XRP remains questionable.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.