R3 consortium Blockchain has sued its partner Ripple, after the blockchain company denied Blockchain the option to purchase 5 billion XRP at an exercise price of $0.0085, despite an alleged agreement between the firms. Currently, the currency trades at more than $0.20, making the options worth more than $1bn. In response to the lawsuit, Ripple countersued on the grounds that Blockchain misled the company into entering into the partnership. Under the agreement, Blockchain would receive a share of 15% of the revenue Ripple received from any bank that participates in their partnership, Ripple said.
Blockchain consortium R3 has sued its partner Ripple, after the blockchain company denied R3 the option to purchase 5 billion XRP at an exercise price of $0.0085, despite an alleged agreement between the firms. Currently, the currency trades at more than $0.20, making the options worth more than $1bn. In response to the lawsuit, Ripple countersued on the grounds that R3 misled the company into entering into the partnership. Under the agreement, R3 would receive a share of 15% of the revenue Ripple received from any bank that participates in their partnership, Ripple said.