Ripple loses appeal to keep the XRP ownership fight in California
Mar 14, 2018 Posted / 3763 Views
Ripple Labs Inc. which is one of the leading Blockchain developers in the world has lost Californian home-court advantage in a dispute with rival R3 Holdco over ownership of cryptocurrency XRP that was earlier worth more than $16 billion. XRP is number three in the list of top cryptocurrencies in terms of their market capitalization.
The New York court will presumably be the sole decider after a San Francisco state appeals court rejected Ripple's bid to fast-track an appeal of an order nullifying a lawsuit against R3. Ripple, however, has claimed that it would undergo an "irreparable injury" if it has to battle on R3's home turf in Manhattan.
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There arose a need for litigation between the two developers after a partnership between them broke down, with Ripple maintaining that R3 entered the agreement on pretenses that were false. On the other hand, R3 insists that Ripple illegitimately refused to acknowledge the arrangement to hand over 5 billion of its cryptocurrency XRP. Ripple filed suit in California and R3 sued in Delaware and New York. Nevertheless, the Delaware suit was driven out in October.
Ripple started in 2012 and was named Opencoin at that time before transitioning to Ripple in 2015 and is presently based out of San Francisco in California. The XRP is the cryptocurrency of the Ripple and apart It has the following 3 products: XCurrent, XVia and XRapid. The flagship product is XCurrent and presents banks with the ability to make cross border payments efficiently. This product uses RippleNet, which is the Ripple blockchain, but the XRP is not used. The software has been widely accepted by banks because it gives them the opportunity to save time and money while sending payments without introducing several changes or risk with their workflow.
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