R3 sues Ripple

R3 Holdco LLC accuses Ripple Labs Inc. in breach of contract
09 September 2017   1421

Ripple Labs Inc. and the consortium R3 Holdco LLC resolves disputes in court on a contract concluded between organizations in 2016. This is reported by Reuters.

In accordance with a suit filed with the Delaware Chancery Court this Friday, R3 Holdco LLC accuses Ripple Labs Inc. in the failure to fulfill the terms of the contract for the purchase of the digital currency XRP.

So, in September 2016, the companies concluded a deal, according to which the consortium R3 was entitled at any time until September 2019 to acquire 5 billion XRP tokens at a fixed price of $ 0.0085 per coin. At the same time, according to the CoinMarketCap service, the current weighted average rate of XRP is $ 0.21.

According to the source, in June 2017 CEO Ripple Brad Garlinghouse tried to terminate the contract by sending a corresponding message to the head of R3 David Rutter via e-mail. However, R3 insists that Ripple can not terminate the agreement unilaterally, and asks the court to confirm all of its rights under the contract, including the purchase of XRP tokens at any time during the next two years.

In response, Ripple filed a counterclaim on the failure to comply with the terms of the agreement. According to it, both companies had to create a joint company with the the participating banks of R3 to test the technology developed by Ripple. The company also claims that R3 hid the fact that several members of the consortium, including Goldman Sachs and Banco Santander, planned to leave the group at the time of the agreement.

BlackRock to Consider Bitcoin Futures

World largest asset management firm created a workgroup to study the prospects of crypto-based futures
16 July 2018   72

Investment company BlackRock has formed a working group that should find out what benefits the world's largest asset manager can get from entering the cryptocurrency sector, despite the fact that previously its CEO had heavily criticized bitcoin. This is reported by Financial News.

The investment giant, whose assets amount to $ 6.3 trillion, created a team that included experts from various business areas. They must collect information about the cryptocurrencies, the underlying infrastructure and technology of the blockchain.

The working group, which includes investment strategist Terry Simpson, should find out whether BlackRock should invest in bitcoin futures.

Sources also reported that BlackRock is studying the experience of its competitors in this area and the potential impact of their actions on the company's business. The working group will report on the results of its research to senior management.

A spokeswoman for BlackRock reported that the company has been considering blockchain technology for several years, but declined to comment on the cryptocurrency.

The creation of a working group may mark a turning point in relations between BlackRock and cryptocurrencies. Last year, its head, Larry Fink, said that bitcoin is an extremely speculative tool, and the only reason for its popularity is its anonymity. "This is an instrument that is used for money laundering," he said bluntly.

Fink gave his comments even before the appearance of crypto-currency futures. At that time, he saw no opportunity for his company to enter this market.