Litigation between the company Ripple Labs Inc. and blockchain-startapa R3 Holdco LLC continues.
The amount of a claim brought by blockchain-a consortium of R3 cryptocurrency company, Ripple, is more than $15 billion Capitalization of XRP is about $120 billion, which explains the efforts of the opposition.
In September last year, R3 and Ripple have filed mutual claims over a dispute over a contract signed in 2016.
R3 sued for Ripple, claiming that the company had violated the partnership agreement by terminating the contract with options, which gave R3 the right to purchase up to 5 billion XRP is Ripple’s own currency at a price of $0,0085 per unit.
Since the conclusion of the transaction, the price of XRP has increased by 41 000% over the weighted average global figure of $3,10/XRP at the time of writing, according to Coinmarketcap.
In its lawsuit, R3 appealed to the court to force Ripple to observe the terms of the agreement. In the case of satisfying the requirement R3, the blockchain-the consortium will be able to redeem 5 billion XRP, equivalent to $15.5 billion, only $42.5 million, that is 99.7% lower than the market price. In this scenerio R3 would instantly become the owner of 5% of the most profitable cryptocurrency 2017 without a cost. This would allow the company to obtain necessary capital without raising funds from outside investors.
However, disputing the claims of the consortium, company, Ripple, based in San Francisco, filed a counterclaim on R3 in California. Ripple States that R3 has not fulfilled obligations under the contract, which cancels the right to use XRP.
While the issue with the controversial 5 billion XRP remains unresolved. The proceedings in October last year in the Delaware court at the suit of R3 did not lead to certain results, because the judge ruled that this issue was outside its jurisdiction. The December meeting of California court in response to the suit Ripple ended with the same solution.
Litigation will continue, but now in new York that gives the conditional advantage of R3, since the company is based there.