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. The lawsuit alleges that R3, which is based in San Francisco, and a subsidiary called Digital Asset Holdings, had agreed with Ripple not only to buy up XRP, but also to pay for it using funds
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.