Tezos Gets 2 New Exchange Listings Amidst Ongoing Litigation
Hong Kong-based cryptocurrency payments and trading platform Crypto.com has adopted Tezos (XTZ) as the latest addition to its app. Per an official announcement from the company, the platform is also exploring the implementation of XTZ staking (‘baking’) rewards for its users.
According to the announcement, “users can now purchase [XTZ] at true cost with no fees” using credit cards and bank transfers (provided that users’ banks and credit card-issuers allow crypto-related purchases.)
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This is the second new listing that XTZ has received so far this month. On August 5th, Coinbase Pro added XTZ as its newest tradable asset.
Tezos charges ahead in the midst of an ongoing class-action lawsuit
The news of the listings may have positively contributed to XTZ’s recent price performance. Within 24 hours after Coinbase Pro announced the addition of Tezos to its platform on July 30th, XTZ shot up from roughly $1.01 to $1.23; by August 15th, the price had dipped back down around $1.05, but has since recovered to $1.15, with a 24-hour increase of roughly 7 percent at press time.
Both listings came several weeks after an important ruling in an ongoing class-action lawsuit against Tezos that was initiated in 2017.
While the final outcome of the case has not been declared yet, “the Court rejected [the] Plaintiffs’ broad demand for documents that were created after the lawsuit was filed, with an exception for communication with regulators, [including] the SEC,” wrote lawyers Nelson Rosario and Stephen Palley in a piece for The Block Crypto.
However, at the same time, the court also ruled that “‘communications regarding communications between Defendants and the SEC or other governmental or regulatory agency’ might be relevant.”
Tezos was hit with several class-action lawsuits in 2017 following a highly-public spat between Kathleen and Arthur Breitman, founders of Dynamic Ledger Solutions – the Delaware-based company that holds Tezos’s intellectual property–and Johann Gevers, the then-president of the Tezos Foundation. The Breitmans asked Gevers to resign after claiming that he was a “roadblock” to the Foundation’s future.
At the time of its completion in July 2017, Tezos’ ICO was the largest in history, raising roughly $232 million in Bitcoin and Ethereum.
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