Right now, Ripple and the banking consortium R3 are involved in a major contractual fight, so both companies have proceeded to formalize claims. And in a complaint filed by Ripple to the California Supreme Court, the company stated that R3 did not comply with an agreement that includes an option for the purchase of 5 billion XRP, its native crypto coin … According to Reuters, R3 asked the Delaware Foreign Ministry to confirm such an agreement, which would have allowed it to buy XRP at a price of $ 0.0085 per currency by September 2019.
The detail is that according to CoinMarketCap data, at this time the price of XRP is $ 0.218388 per token, with a market capitalization of $ 8,373,834,941 – the equivalent of 1,947,269 BTCs. Although there is no available copy of the R3 complaint in the hands of the press, Ripple says that its discomfort is due to the fact that both companies signed an agreement for the creation of a joint commercial organization, which would have the support of numerous banks belonging to R3 and would be focused on XRP.
In his complaint, Ripple accused R3 of not having maintained its part of the agreement as it intensified its efforts to raise funds … the company concluded with a round of financing that earned him the negligible amount of $ 107 million.
Ripple also accused the bank consortium of hiding that several of its members, including Goldman Sachs and Banco Santander, were seeking to leave the group despite promising to push the XRP currency to the rest of the banks involved.
Speaking to CoinDesk, a Ripple spokesman said:
“Considering the 4000% increase that XRP has suffered throughout the year, R3 from nowhere wants to take advantage of the new value of crypto active and we disagree, as they had to have respected the initial agreement. We wish them the best in their consulting projects, while we will continue to support our ecosystem. “
It is noteworthy that since R3 has not pronounced on the case, although they have issued a note in which they affirm that they do not discuss this type of details with the press and that they hope that the subject comes to an end soon; it is also important to clarify the remarkable demand, as R3 and Ripple are two of the best-funded companies in the industry: to date, the first has raised $ 107 million and the second $ 96 million in venture capital investments.
Eduardo Gómez is a Venezuelan freelance writer and Information’s Technology Professional. He discovered Bitcoin in 2012 and has been drawn to it ever since. He also works as a Customer Support Agent at the San Francisco-based Bitcoin startup Purse.io