Blockchain consortium Ripple has sued its partner R3, after the blockchain company denied Ripple 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, R3 countersued on the grounds that Ripple misled the company into entering into the partnership. Under the agreement, Ripple would receive a share of 15% of the revenue R3 received from any bank that participates in their partnership, R3 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.