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Startup blockchain Ripple and R3 have solved a legal battle that has seen the two companies file a lawsuit for a contractual dispute
A representative of R3 has confirmed the agreement to CoinDesk in an e-mail, saying:
"R3 HoldCo LLC, R3 LLC, Ripple Labs Inc. and XRP II, LLC announce that they have reached an agreement for all outstanding disputes between the parties, whose terms will remain confidential and that both parties are anxious to remedy. "[19659004] Spreading became public a little over a year ago, when Re3 reported that R3 had lodged a complaint with the Delaware Chancery Court claiming that Ripple had not honored an agreement that included an option for the purchase of 5 billion XRP, the open-source cryptocurrency of Ripple's distributed register network.
R3 asked the Delaware Chancery Court to oblige Ripple to keep the agreement, which would have allowed XRP to be purchased for $ 0.0085 per chip anytime before September 2019. At the moment of the press, the price of XRP is $ 0.26, according to the CoinDesk Market Center.
In the case of Ripple at the California Supreme Court, the company claimed that the two had agreed an agreement for a joint commercial venture, claiming that R3 had not abided by its share of the business. agreement. [19659002] Ripple also argued that R3 had concealed the fact that some of its consortium members, including Goldman Sachs and Banco Santander, were trying to leave the group despite promises they would work to promote the use of XRP within the respective companies. [19659002] Gavel image via Shutterstock
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