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R3 consortium indicts Ripple over cancelled billion-dollar contract

R3 is a blockchain startup servicing financial institutions and banks. It has filed a lawsuit against competitor Ripple. R3 sustains that it’s labs has desecrated a preceding purchase agreement for XRP tokens between the two companies.

According to the lawsuit,

“XRP and R3 entered into an agreement that R3 will be able to buy up to 5bln XRP tokens at a $0.0085 each. The agreement indicates that the purchase could be completes by 2019”.

The lawsuit specifies that Ripple CEO Gralinghouse endeavored to cancel the purchase via an email to Rutter, R3 CEO in June of this year. Unilaterally, R3 maintains that Ripple had not right to cancel the contract.

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Also Read: Ripple enters Indian Market -the world’s largest remittance receiver

Recently, the Ripple price has upsurge, nearly reached to $0.22 at the time of article commencement. Therefore, it would make a purchase option worth over $1bln. The lawsuit expresses R3’s desire to be able to purchase the tokens in whole or part through by 2019.

Recently, R3 made a news, after spending $59 million on Blockchain analysis. Later on, it was conclude publicly that they did not ‘need Blockchain’. JP Morgan Chase Bank have been departing R3 to purchase in-house Blockchain options.

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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