ZUG, 16 MARCH 2020. In line with our principles of transparency, it is our obligation to inform the Cardano community of legal proceedings recently initiated by the Z/Yen Group Limited (UK) against the Cardano Foundation (Switzerland). The proceedings relate to an alleged agreement between the Z/Yen Group Limited and the Cardano Foundation dated July 2017. The Cardano Foundation voided/terminated the agreement for various reasons. The Cardano Foundation fully rejects the claims raised by the Z/Yen Group Limited. Due to the ongoing nature of this judiciary process, no further information will be given while proceedings are in progress.
About the Cardano Foundation: The Cardano Foundation is an independent body based in Zug, Switzerland, with core responsibilities to help oversee and supervise the development of Cardano, the world’s first third-generation blockchain, and its ecosystem. The Foundation is committed to protecting and promoting Cardano, the first blockchain platform developed for smart contracts using a scientific philosophy, and to advocate on behalf of the users and community of the protocol. The Foundation works alongside Input Output HK (IOHK), who are contracted to design and build Cardano, and EMURGO, the for-profit arm working to boost the Cardano ecosystem through commercial ventures. The three entities are wholly separate in governance, ownership and leadership. Find out more: www.CardanoFoundation.org