Real-time cryptocurrency
news aggregator

Ripple and R3 in blockchain court battle over XRP termination - IBS Intelligence (blog) (subscription)

Published 1 year ago

Ripple and R3 in blockchain court battle over XRP termination - IBS Intelligence (blog) (subscription)

IBS Intelligence via ibsintelligence.com

Blockchain heavyweights Ripple and R3 will face each other in a legal dispute after the former terminated an options contract on its XRP digital currency unit, held by the latter. According to Reuters, R3 filed a lawsuit on 8 September in the Delaware Chancery Court over an alleged attempt by Ripple to terminate the agreement, which was signed in September last year. This would allow R3 to purchase up to 5 billion XRP for $0.0085 per unit at any time over the next two years. Following the impressive rise in value that cryptocurrencies have experienced in the past year, Ripple’s XRP is now trading at for more than $0.20 each, representing a 2000% gain on R3’s investment. The lawsuit presented by R3 states that Ripple chief Brad Garlinghouse sought to cancel the options contract in an e-mail exchange with R3 CEO David Rutter in June, around the time XRP started gaining popularity and value. It also asks the court to declare that R3 it is entitled to all XRP rights, including purchasing the XRP anytime over the next two years. “Given XRP’s 4000% increase over the course of the year, R3 suddenly wants to tap into the value of XRP, though the facts are clear that they did not earn any option based on our agreement.” Ripple uses escrow to establish 55 contracts of one billion XRP each that will expire on the first day of every month from months 0 to 54. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full
IBS Intelligence

IBM leads the pack in blockchain development ahead of Microsoft ... - IBS Intelligence (blog) (subscription)

IBM has come out on top in the blockchain sector, and well ahead of its competitors, according to a new study by Juniper Research. Over 4 in 10 (43%) companies considering or deploying blockchain rank ... Read More

ABN AMRO standardises on CBA's IBAS Global Trade Finance Factory – implementing CBA's new front-end system ... - IBS Intelligence (blog) (subscription)

Norwegian software vendor Commercial Banking Applications (CBA), today announced that ABN AMRO has implemented the new IBAS Customer Front-End System for Trade Finance across its global operations. Th ... Read More

China rumoured to outlaw domestic cryptocurrency exchanges - IBS Intelligence (blog) (subscription)

China plans to shut down domestic Bitcoin exchanges, according to reports by The Wall Street Journal. China has played a key role in the development and mining of coins like Bitcoin, Ethereum, and oth ... Read More

Bank Hapoalim forms blockchain team with Microsoft - IBS Intelligence (blog) (subscription)

If you are an existing user, please log in. New users may register below. Israel’s largest bank, Bank Hapoalim, has partnered with Microsoft to create a blockchain-based platform for digital guarantee ... Read More

South Korea bans Bitcoin confiscation as regulation develops - IBS Intelligence (blog) (subscription)

A local court in South Korea has ruled that Bitcoin cannot be confiscated, an important decision given the popularity of the cryptocurrency in the country. Local police seized 216 Bitcoins following a ... Read More