Blockchain rivals Ripple and R3 Consortium declared yesterday that they have settled a legal dispute between them.
The disagreement between the two firms came after R3 alleged Ripple of not meeting up with the partnership agreement which gave R3 the power to purchase around 5 Billion XRP tokens at $0.0085 per unit through the end of 2019. Ripple (XRP), a Sans Francisco-based blockchain firm, denied not following the agreement with R3 strictly.
In return, R3 Consortium filed a lawsuit, and a retaliation law suit was also filled by Ripple alleging that R3 did not meet up with the demand of the agreement on the ground that a separate agreement to provide access to the consortium’s banking partners and to promote its technology was not met by the consortium.
A Settlement Achieved
After the different lawsuits were filed, Ripple and R3 has now made know that an undisclosed settlement agreement has been reached between the two firms. This settlement terminates the not less than a year of litigation between the two firms,
The two firms have been allies for many years. The latest settlement is expected to bring the two firms together again.
Ripple in a recent statement said “R3 HoldCo LLC, R3 LLC, Ripple Labs Inc. and XRP II, LLC announce that they have reached a settlement of all outstanding litigation between the parties. The terms of the agreement will remain confidential and both sides look forward to putting these disputes behind them.”
Ripple Faced With Lawsuits.
Several lawsuits have been filed before the law court on Ripple. However, the financial blockchain company seems to be winning at the moment.
Ripple Made Top LinkedIn Top Startup
LinkedIn has selected Ripple as one of the first 25 startups to work with in 2018. The selection attests to the fact that Ripple Inc. is a perfect place to work in.