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.
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.
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.
Alex Dovbnya
Denys Serhiichuk
Gamza Khanzadaev