quote from reuters article:
NEW YORK, Sept 8 (Reuters) - New York-based blockchain startup R3 Holdco LLC has sued rival company Ripple Labs Inc. over a contract to purchase Ripple’s digital currency XRP, according to a lawsuit filed in the Delaware Chancery Court on Friday.
Well, when others say that this will cripple ripple's XRP i think that it may not. This means high interest from many sides and also fight for power in crypto world!
Why so much interest from R3? Always because of money and because XRP value rised so much lately.
In march, XRP was under $0.009 and from the beginning of april it went up to a maximum of $0.39. And so many banks and corporations behind this, explain this "fight".
Short story:
There was a contract in september 2016 between both companies that was giving R3,
the right to purchase up to 5 billion XRPs at a price of $0.0085 per unit at any point by September 2019, according to the lawsuit.
This year, in june, Brad Garlinghouse, Ripple's chief executive
attempted to terminate the options contract through an email to R3's chief executive David Rutter, according to the lawsuit.
The option contract worth today more than $1 billion.
Hmm, why weren't they bought till then?
R3 and Ripple
On octomber 20, 2016: Ripple and R3 Partner for Successful Cross-Border Payments Trial | Fortune.com
In may 2017, SBI Group became the largest shareholder of R3. And Ripple and SBI Union joined with R3: Distributed Ledger Consortium R3 Closes Record $107 Million Funding Round - CoinDesk
SBI Group (also investor in Ripple too) let us know in a way that Ripple and R3, are working together. Also that Corda will be the next platform and XRP the asset. The main ones.
Also, R3 did lost some big investors lately, like Goldman Sachs and Santander - at the end of 2016 and JP Morgan exited in april 2017.
There is a contract with rules in it of course, one of them for sure to not let R3 dump 5 billion XRP on the market at their will.
But who breached the contract, Ripple or R3?
We will found out at some point who and what.
If is Ripple's fault, it may cause a big trust issues with partners or future investors. If is R3's fault, then they may lose the suit and their credibility more.
Hearing this news today (i know i'm a little bit late at this party) i was interested to see what's about it.
Never believed till now, that it is already made so much investment from banks and big corporations in crypto currencies.
Well of course, they are in the back side with lot of money in lot of places, but not admitting yet.
The interest being so high it really means something positive for us. That, things start to work and prove their utility. The blockchain is the future and they accepted it.
Who wins or lose here... i don't know and i believe nobody knows at this point.
Having a few XRP, i don't care about selling :-).
Just HODL! till the end.
If they goes up then is good, if goes down, it is really not a loss.
The war has begun on all sides of CRYPTO WORLD in this fall :-):
China bans and regulations (or temporary bans), US regulations, acceptance of bitcoin or other altcoins in a few countries, Jamie Dimon FUD (also some others), now this suit and lot others.
IT WILL BE A BIG END OF A YEAR in BITCOIN WORLD, RIGHT?
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pictures source: Pixabay
collage:
interesting subjects (regarding Ripple and R3) here:
Ripple is Aligned With XRP Investors - General Discussion - Xrp Chat
SBI Holdings｜Corporate Information & SBI Group｜SBI Insurance
R3 Makes a Habit of Sending Cease-and-Desist Letters to Bitcoiners - Bitcoin News
JP Morgan leaving R3 - Page 2 - Alt-Coins and Non-Ripple Fintech - Xrp Chat
quotes and information from:
R3 sues Ripple (What?!) - General Discussion - Xrp Chat
Blockchain Startup R3 Sues Rival Ripple Labs | Fortune.com
Blockchain startup R3 sues competitor Ripple
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