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Saturday, September 9, 2017

Blockchain Enterprise Firms R3 And Ripple Sue Each Other Over $1 Billion Of Cryptocurrency

Blockchain Enterprise Firms R3 And Ripple Sue Each Other Over $1 Billion Of Cryptocurrency

As blockchain companies have lost the spotlight this year to the burgeoning, hot world of crypto assets, two of the enterprise blockchain leaders, R3 and Ripple, are now embroiled in a dispute over the cryptocurrency XRP.

On Friday, in the Delaware Chancery Court, R3, a consortium of more than 80 financial institutions across the world, sued its partner Ripple, over an options contract to buy more than $1 billion worth of XRP. The same day, in a California state court in San Francisco, Ripple countersued.

R3 says in its lawsuit that in September 2016, the companies entered into an agreement, part of which gave R3 the option to purchase 5 billion XRP at an exercise price of $0.0085 between then and September 2019. After soaring more than 3,000% this year, XRP now trades at more than $0.20, making the options worth more than $1 billion.

San Francisco-based Ripple uses cryptocurrency and blockchain technology to make international wire transfers and other forms of cross-border exchange faster and cheaper. New York-based R3 uses similar technology, a distributed ledger which does not use cryptocurrency, as well as its consortium of financial institutions to make multiple banking functions more efficient.

Full story at

Source: Forbes

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