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

Published 2 years ago

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

IBS Intelligence via

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
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