Ripple argues with R3 over multibillion sum
Ripple Labs, a company that develops XRP payment system and the vast R3 consortium dedicated to distributed ledger issues will meet in court in New York, as reported by various financial outlets.
The subject of the dispute revolves around a big sum of several billion dollars. R3 tells that the mutual agreement reached with Ripple had terms which allow the former company to buy $5 billion in XRP, the digital currency of the latter, at a price of $0.0085. Ripple objects by telling that R3 is not interpreting the terms of the contract adequately.
It is not easy to determine who is deceiving who in this situation. Both companies have hired professional lawyers and the arguments of both sound truthful. The final word belongs to the New York court. Apparently, Ripple does not want to see the case reviewed in this court. Some online publications cite the company as saying that it would cause an "irreparable injury" for the corporation.
Ripple cooperates with banks in Southeast Asia. News about this regularly appear in the related media. In the most recent occasion, Ripple has decided to pay to those startups which use the XRP digital currency.
Back to the list