Ripple Labs & R3 Consortium Settled Their Dispute
September 12, 2018
Cryptocurrency startup Ripple announced that it has settled a dispute with the blockchain consortium R3. Details of the settlement has not been disclosed.
In early autumn of 2017 R3 took legal action against Ripple Labs. The company filed a lawsuit against the cryptocurrency startup, accusing it of failing to fulfill contractual obligations relating to the purchase of XRP tokens. According to the document, R3 was eligible to purchase XRP tokens below the market price from the beginning of the contract to the autumn 2019. However, Ripple Labs reportedly refused to sell their tokens at this price. According to the contract, R3 was able to purchase 5 billion XRP at the price of $0,0085, while on the market the price of the token was around $0.21.
Ripple Labs, for its part, filed a counterclaim, where the company said that R3 also failed to fulfill contractual obligations. The cryptocurrency startup claimed, that according to the contract R3 was obliged to create a company to help with testing XRP token. R3 never did this, therefore Ripple Labs refused to sell tokens at the lower price.