Blockchain Developers Face Off Over $1 Billion in Digital Cash
- R3 sues Ripple over XRP options, Ripple files own complaint
- Suits are sign of break between former blockchain partners
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Two of the world’s largest blockchain developers are battling over more than $1 billion in virtual-currency options, in a dispute that may help establish the leading player in providing new payment technologies to financial companies.
R3, a blockchain startup that leads a group of more than 100 firms, sued rival Ripple Labs Inc. in state court in Delaware Friday, accusing it of reneging on an options agreement for Ripple’s XRP digital currency that is now worth more than $1 billion. Ripple filed its own suit in California accusing R3 officials of duping them on other agreements.