Blockchain Startups Ripple and R3 Enter Billion Dollar Legal Battle.

When it comes to forward thinking firms in the world of blockchain, Ripple and R3 are both at the forefront of developing unique and intelligent technologies. Most recently the two partners are now in legal dispute over the XRP cryptocurrency.

The Dispute
In the supreme court of California, Ripple has made claims that R3 has been untrustworthy in the manor of staying true to an agreement. In this agreement Ripple would benefit from R3's banking partnerships and R3 on top of the ability to buy $5 Billion in XRP would gain 15% of revenue made from any bank participating in their commercial partnership. After signing this contract R3 was allegedly oblivious to the deal, focusing on fundraising instead and losing previous partners.

R3 holds the position of being told they were able to buy up to 5 Billion in XRP at the price of $0.0085 from the time of the agreement to September 2019. With XRP's recent growth of over 3000% R3 wants to purchase the coin at the same price.

Ripple accused RP of hiding the fact that many other members like Banco Santander, and Goldman Sachs were planning on getting out of the group as fast as possible as they were given similar treatment.

Despite these accusations R3 remains confident where a spokesmen said. "We are confident in our position and hope for a speedy resolution of this matter."

Both parties seem sure of themselves and are currently both suing each other. This is something to take note of as both startups were well funded and successful raising $107 Million and $96 Million in their ventures.

What is R3?

"...It leads a consortium of over 70 of the worlds biggest financial institutions in research and development of blockchain database usage in the financial system..."
Source Link (Learn More) https://en.wikipedia.org/wiki/R3_(company)

What is Ripple?

"Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network by Ripple. Also called the Ripple Transaction Protocol (RTXP) or Ripple protocol, it is built upon a distributed open source Internet protocol, consensus ledger and native currency called XRP (ripples). "
Source Link (Learn More) https://en.wikipedia.org/wiki/Ripple_(payment_protocol)

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