The Karadno Foundation is facing legal action from one of its former partners
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Answer The Karadno Foundation is facing legal action from one of its former partners
Yesterday, the Cardano Foundation announced that the London-based “Z/Yen” group has started legal proceedings against it.
The Cardato Foundation, which manages the ADA currency, has been taken to court by one of its former partners, the “Z/Yen” group, which operates its services from the capital, London.
As for the details of the legal dispute between Cardano and “Z/Yen,” not many details have emerged about it.
But Cardano clarified The proceedings revolve around an agreement between the two parties, which dates back to July 2017.
She told Cardano that she had terminated her agreement with the disputing party, as “Z/Yen” had some unresolved issues with him regarding the partnership.
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The Cardano Foundation also rejected the claims made by the “Z/Yen” group and did not provide further information about the ongoing judicial follow-up.
Z/YEN is a research partner of the Cardano Foundation:
At the end of 2017, Cardano chose the Z/Yen group’s distributed futures practice as a partner to conduct joint research on blockchain applications.
The deal and partnership are intended to help expand the Cardano Protocol and ADA.
The partnership also focuses on distributed futures on blockchain, cryptocurrency, and artificial intelligence (AI).
The partnership is led by Professor Michael Mainley, co-founder of the Z/Yen Group who later became Director of Research at the Cardano Foundation.
Mainelli said at the time:
By developing a better understanding of where tools like blockchain smart ledgers can best be applied, we can engage and educate key industry stakeholders such as policy makers, investors and regulators to ensure the industry is moving in the right direction.
While the two have been able to collaborate on numerous research projects, the latest disagreement proves that they have now taken different paths and directions.
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Over the past 24 hours, ADA is up about 8% and is trading at $0.026 at the time of writing.
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