A bit like a romantic relationship that went wrong, R3 and Ripple (XRP) will find themselves, once again, before a New York state court, in the conditions that they were previously partners and became rivals fighting for 5 billion XRP. R3 has filed a complaint against his former partner, Ripple company, for the violation of an agreement signed by two parties in 2016.
Who is R3?
R3 is a company founded in 2015 which works with financial institutions, banks, regulators, trading brokers, and so on, to implement the development of their blockchain distributed ledger platform, Corda, which targets banks and financial institutions.
R3 could win $3.4 billion
It all started when Ripple asked for R3’s services to develop its network in the banking industry in order to form strategic partnerships with banks and financial institution and, thus, sell the solution represented by its XRP token in the financial field.
During this collaboration, R3 had an option of purchasing of up to 5 billion XRP at $0.0085 per piece, which should be valid until the end of 2019. Today, the 5 billion XRP, according to this agreement, could be purchased by R3 for only $42.5 million, while, in fact, those 5 billion XRP would worth $3.5 billion (at the actual XRP price).
Ripple (XRP) denies the validity of the agreement
Amazing or not, however, this partnership ended and the Ripple company denies the validity of this agreement.
In its defense, the Ripple’s spokesmen claim that R3’s lack of responsibility towards the service it was supposed to develop led, among other things, to the loss of key partners for Ripple, such as JP Morgan.
The first trials have been won by R3 in California and Delaware, and now, the two big names of the blockchain world, Ripple (XRP) and R3 will face again before a New York state court, for a closure that could be very expensive for the Ripple (XRP).
Erin VanDyke lives on her family farm and has more than 35 years of hands-on experience with the use of livestock guard dogs for predator control. On their farm, Jan and her family use corgis as herding dogs and have raised Shetland sheep, Fainting goats, Morgan and Trakehner horses, and historic breeds of chickens and turkeys. Erin is also an active beekeeper.