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Cryptocurrencies

Ripple, R3 embroiled in legal battle over crypto contract dispute

Monday 11 September 2017 | 10:57 AM CET

Ripple and R3, two distributed ledger startups, have been filing lawsuits related to a contract dispute between the two companies.

Ripple affirmed in a complaint filed in the Supreme Court of California that R3 failed to honour an agreement that included an option to purchase 5 billion XRP, the cryptocurrency of Ripple’s distributed ledger network. According to Reuters, R3 asked the Delaware Chancery Court to uphold the deal, which would have allowed it to buy the XRP at a price of USD 0.0085 per token before September 2019.

R3 and Ripple allegedly struck a deal to create a joint commercial venture, which would have followed an earlier test, cantered around XRP, that involved a number of banks involved with R3’s consortium effort, according to Ripple's complaint.

In the complaint, Ripple accused R3 of failing to uphold its end of the bargain and of hiding the fact that several of its consortium members, including Goldman Sachs and Banco Santander, among others, were looking to exit the group despite promises of advancing XRP to the banks involved.

When reached by CoinDesk, a representative for R3 declined to offer specifics on the case but struck an optimistic note about the company’s prospects in court.

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