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Ripple Labs CEO Bradley Kent Garlinghouse / Yonhap By Lee Min-hyung Shares of Woori Technology Investment and Wizit ― two representative crypto-linked companies ― soared Friday after a U.S. judge ruled in favor of Ripple Labs in a lawsuit between the U.S. crypto firm and the country's securities authority. It ruled that Ripple did not violate a U.S. securities law by selling XRP tokens on exchanges and through algorithms. This has put the brakes on the U.S. Securities and Exchange Commission's move to regulate some cryptocurrencies, but the latest ruling showed that XRP is not a security or a tradable asset. Following the attention-grabbing ruling, major cryptocurrencies such as Bitcoin and Ethereum displayed a robust rally. Korea's crypto-linked shares also benefited from Ripple's victory in the lawsuit against the U.S. regulator. Shares of Woori Technology Investment achieved double-digit growth of 11.2 percent on the last trading day this week. The company holds a 7.23-percent stake in Dunamu, the operator of Korea's dominant crypto exchange, Upbit. Wizit shares also achieved a solid gain during the same period on the U.S. ruling. The company's parent company is linked to cryptocurrencies by holding an 8-percent stake in Bithumb Korea ― the operator of the nation's second-largest crypto exchange, Bithumb. Wizit shares closed up 3.38 percent at 856 won per share. Bitcoin prices also extended solid growth on the same day. The price of the world's largest cryptocurrency by market capitalization increased 3.26 percent as of 3:30 p.m., Friday, from a day earlier, data from market tracker CoinMarketCap showed. The price of Ethereum displayed a bigger gain of 7.4 percent during the same period on the latest U.S. ruling.
Read more: koreatimes
