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  1. This is quite interesting, especially the bold part (machine translated): https://jp.cointelegraph.com/news/sbi-kitao-ceo-reveals-the-plan-for-lauching-sbi-r3-asia/ SBI Ripple Following Asia SBI-R3 Motivation for the creation of Asia, President Kitao mentioned at earnings briefing Yoshitaka Kitao, president and CEO of SBI Holdings, mentioned the plan for the creation of SBI-R3 Asia on the account settlement meeting on 30th October, the second quarter of 2019 (April - September 2018) . President Kitao who worked to resolve the case problem of ripple and block chain development company R 3 company said that he would like to make R 3 company to create a project to use virtual currency XRP. Regarding the virtual currency trading business, he said that he will take in young users by using T points. Ripple to R3 and R3 settlement to establish SBI-R3 Asia On April 4, SBI Ripple Asia's secretariat, "Internal and external exchange consortium" released a money handling application "money tap" for smartphone that utilized Ripple's Distributed Ledger Technology (DLT) "xCurrent" . The future is in the phase of expanding participation lines. SBI, which holds about 10% of the shares of Ripple, emphasized that "ripple's DLT or XRP will be used to streamline international remittance" as implemented by Ripple's technology in money taps. President Kitao also mentioned the settlement of Ripple with the R3 company that develops block chains. SBI is the outside largest shareholder of R3, and as soon as it reveals that the top of both companies has pressed for a litigation problem closely . In the earnings briefing session, he said that discussions have started for the creation of SBI-R3 Asia. "You will have to make such a project that will make R3 use XRP in earnest.When the two companies hold their hands it will be possible to cover almost all fields.In addition to international remittances, XRP There is the possibility that it will be widely used.We are discussing with SBI R3 in order to create SBI-R3 Asia similar to SBI Ripple Asia. " Promotion of virtual currency trading of young people at T point, competition is Rakuten SBI SECURITIES established a joint venture company "SBI NeoMobile Securities" on 30th, signing a capital and business alliance with CCC Marketing of the C - Ture Convenience Club (CCC) group with 67.88 million active members . Provide financial services with smartphone as the main channel. We plan to realize T points according to transactions and purchase financial products by points, and we will introduce T point programs in various businesses that SBI develops, such as banks, securities, remittances. About the virtual currency exchange "VCTRADE" operated by SBI virtual currency seeds President Kitao "I want to take in the young generation thoroughly, of course I am planning to do it even in the virtual currency so that virtual currency can be bought at points Let's do it. " Also, "I want to build an SBI-T point economic zone that goes beyond the Rakuten economic zone," there was a comment reminiscent of Rakuten announcing entry into the virtual currency trading business on August 31. SBI Neo Mobile Securities will start business next spring.
  2. The journey may have been a thousand miles, but the destination is now clear for XRP. Lots Happening! As executives from Ripple continue to prompt governments - both in the US and in Japan - for regulatory clarity, they have not stopped expanding the RippleNet network or its list of clients. Chris Larsen announces that Ripple has signed over 100 clients to production contracts, and Ryan Zagone, Brad Garlinghouse, and Cory Johnson all make high-profile public appearances, emphasizing similar points in unison. ACI Worldwide, the US-based payments giant, mentions Ripple technology in a recent interview, and the Japanese Banking Consortium readies MoneyTap for initial release. Ripple also settles its lawsuit with R3 and provides further updates to the upcoming SWELL Conference, which is now only two weeks away! And in Coil news, an independent developer releases a step-by-step guide for how Wix website owners can sign up for web monetization. Winding things up, WietseWind reveals plans to help people monetize their own extra, home-generated electricity, and a new Python library to access the XRP Library is released by a community developer. Hope you enjoy the read & please leave any feedback below. Feel free to share my blog with a friend - or on any other platform - and thank you for doing so! Twitter Reddit r/Ripple Reddit r/CryptoCurrency Reddit r/CryptoMarkets Reddit r/xrp Reddit r/RippleTalk Reddit r/alternativecoin Bitcointalk - alt coin sub forum Bitcointalk - XRP speculation thread
  3. Guys, Update to the Ripple Lawsuit Tracker List provided below, for there is one (1) new court case to report on this morning (8/10/2018). The newest case was filed on 2 days ago on August 8, 2018. It is #15 on the list (however, it is related to #14; notes on that below). I have been asked by a few people within the community as to whether there have been any updates on all of these lawsuits filed against Ripple Labs, Inc., so here is your update. Please keep in mind that the U.S. justice system moves pretty slow. That is just the way it is, so these lawsuits are not going to be decided anytime soon (unless there is a settlement). The open or active cases are in bold: 1.) 2014 - Ripple vs. LaCore Enterprises (closed) 2.) 2015 - Ripple vs. Kefi Labs (closed) 3.) 2015 - Arthur Britto vs. Jed McCaleb (closed)** 4.) 2016 - Bitstamp vs. Ripple, Jed McCaleb, Stellar (closed) 5.) 2016 - Ripple vs. Pixel Labs (closed) 6.) 2017 - R3 vs. Ripple (Delaware) (closed) 7.) 2017 - Ripple and XRP II vs. R3 (California) (open/active) 8.) 2017 - R3 vs. Ripple (New York) (open/active) 9.) 2017 - Tony Petrucci vs. Ripple (closed) 10.) 2018 - Ryan Coffey vs. Ripple, XRP II and Bradley Garlinghouse (California) (open/active) 11.) 2018 - Ryan Coffey vs. Ripple, XRP II and Bradley Garlinghouse (U.S. Federal Court) (open/active) 12.) 2018 - Vladi Zakinov vs. Ripple, XRP II and Bradley Garlinghouse (California) (open/active) 13.) 2018 - David Oconer vs. Ripple, XRP II and Bradley Garlinghouse (California) (open/active) 14.) 2018 - Avner Greenwald vs. Ripple, XRP II, Bradley Garlinghouse, Christian Larsen, Ben Lawsky (California) (open/active) 15.) 2018 - Avner Greenwald vs. Ripple, XRP II, Bradley Garlinghouse, Christian Larsen, Ben Lawsky (U.S. Federal Court) (open/active) Notes on active cases: 7.) 2017 - Ripple and XRP II vs. R3 (California) (open/active) * Next date/hearing - November 28, 2018 ** This case is on appeal in California. The next hearing is a case management conference originally scheduled for July 25, 2018. However, it got moved to November 28, 2018. 8.) 2017 - R3 vs. Ripple (New York) (open/active) * Next date/hearing - September 4, 2018 ** This case is still ongoing in New York. This is the R3 case you need to pay attention to, not #7 (above). This case is in the discovery phase, and both parties are more likely than not combing through emails, texts, other correspondences, etc., preparing to go to trial. There is an upcoming compliance conference, and that is where the judge will be updated on whether the case is on schedule or whether there are delays. That conference was scheduled for July 10, 2018. However, it got moved to September 4, 2018. 10.) 2018 - Ryan Coffey vs. Ripple, XRP II and Bradley Garlinghouse (California) (open/active) 11.) 2018 - Ryan Coffey vs. Ripple, XRP II and Bradley Garlinghouse (U.S. Federal Court) (open/active) * Next date/hearing - Unknown ** This case was originally filed in California. Ripple Labs, Inc. moved the case to U.S. Federal Court (#10 and #11 are related). Essentially, both parties are in a spat about venue choice. Ryan Coffey wants this case to stay in California Court whereas Ripple Labs, Inc. wants this case in Federal Court. Again, the main issue here being "securities related" (think SEC or federal level), one party wants the state court to hear the case whereas the other wants a federal court to hear the case. Not getting into that again, please read my post/response from May 5, 2018 on this very issue (Cyan v. Beaver County Employees Retirement Fund; the link is below). https://www.xrpchat.com/topic/23224-ripple-sued-for-securities-violations/?page=9&tab=comments#comment-386239 12.) 2018 - Vladi Zakinov vs. Ripple, XRP II and Bradley Garlinghouse (California) (open/active) * Next date/hearing - September 7, 2018 ** This case is ongoing in California. We are waiting for Ripple's response or answer to the original complaint. Per their request and a motion filed, on June 26, 2018, the court granted Ripple additional time to answer and respond to the complaint; their time was extended to September 7, 2018. Not sure if this case will get moved to U.S. Federal Court or not (it does pertain to a securities related issue). 13.) 2018 - David Oconer vs. Ripple, XRP II and Bradley Garlinghouse (California) (open/active) * Next date/hearing - August 29, 2018 ** This case is ongoing in California. We are waiting for Ripple's response or answer to the original complaint. Unlike #12 (above), no extension has been motioned for or requested by Ripple Labs, so I am expecting an answer to the original complaint soon. Case conferences with the judge have been scheduled for August 29, 2018 and October 25, 2018. Not sure if this case will get moved to U.S. Federal Court either (it does pertain to a securities related issue). 14.) 2018 - Avner Greenwald vs. Ripple, XRP II, Bradley Garlinghouse, Christian Larsen, Ben Lawsky (California) (open/active) 15.) 2018 - Avner Greenwald vs. Ripple, XRP II, Bradley Garlinghouse, Christian Larsen, Ben Lawsky (U.S. Federal Court) (open/active) * Next date/hearing - Unknown ** This case was originally filed in California. Ripple Labs, Inc. moved it to U.S. Federal Court two days ago on August 8, 2018. Read my notes on #10, #11 above. Same issue (#14 and #15 are related). We should have an update towards the end of August or early September. @Pablo @Snoopy @zerpdigger @vlad_got_it @Mrsrippley @Sebastian @xrpisking @mikkelhviid @MemberBerry @Dario_o
  4. Hey guys, Quick update on the Ripple Labs, Inc. v. R3 court cases. Remember, this legal spat is in two jurisdictions - California and New York. The Delaware case was dismissed. 1. ) California (Case No. CGC17561205) - Ripple's legal team recently filed an appeal after losing a "procedural" battle back in November, 2017. - Appeal was filed on February 5, 2018. - This appeal is going to take a while, and this case is long from being over in California (unless settled outside of court). 2.) New York (Case No. 655781/2017) - Ripple's legal team filed counterclaims against R3 on January 5, 2018. - Ripple filed a proposed discovery plan with the court on February 2, 2018 (see documents below). - R3's legal team is rejecting the proposed discovery plan (see documents below). - Ripple and R3 cannot agree on a discovery schedule. Now, this is what I wanted to bring your attention to, the discovery plans proposed by Ripple and R3. Discovery is the next part of trial, and this is where both sides start combing through evidence (e.g., emails, internal communications, text messages), interviewing people from both sides (e.g., depositions), etc., so they can prepare for trial. This process can be long and tedious. If you look closely, Ripple is saying that they will not be finished with their discovery until April 8, 2019. Let me put this a different way. The option agreement in dispute expires on September 14, 2019. R3 would have to exercise the agreement on or before September 14, 2019 (5 PM Pacific Time). If discovery is not going to end until April 8, 2019, that gives both sides about 5 months to prepare for trial and go to trial, and trial dates all depend on how busy the New York court is and when they can get on the schedule. And this does not include the time it would take for an appeal (assuming the losing side appeals, which is likely). Now, this is a proposed discovery schedule, it's not set yet. We'll see what the court says. But this is a complex case and will take time to properly do the discovery. R3 has proposed for both sides to complete discovery by August 6, 2018. Main point: Ripple has all the time in the world, R3 does not.
  5. Citing anonymous sources familiar with the matter, Bloomberg reports that the New York-based firm has approached advisers holding an initial public offering (IPO). The sources also said that potential buyers have approached the company seeking to purchase it outright. I wonder if Ripple was one of the prospective buyers? What do you guys think? After all, Brad did mention in a Financial Times article in October 2017 that Ripple could use its 15 billion XRP war chest (market cap of XRP at that time) to "acquire or partner with rivals"!!!! Other Articles: 1. Ripple Ready To Rumble – Has 100+ Customers, $15 Billion in Reserves 2. ICO News: Ripple's Garlinghouse Could Use $15 Mil War Chest for M&A
  6. Hey guys, Quick update on the Ripple Labs, Inc. v. R3 court case in New York. Remember, this legal dispute is in two jurisdictions - California and New York. The Delaware case was dismissed. The California case is on appeal and will pick back up in July 2018. This post only pertains to the case in New York (Case No. 655781/2017). No, the case between Ripple Labs and R3 is not over, contrary to previous reports, news articles and previously posted FUD on this website. 1.) Discovery has commenced. This is the next step in preparing a case for trial. 2.) Ripple's legal team wrote a letter to the judge overseeing this case yesterday (4/3/2018) and asked Justice Bransten to direct R3 to a.) produce documents from a wider timeframe, b.) to fully respond to reasonable discovery requests, c.) to include key custodians in document searches and d.) to apply search terms to ensure production of relevant documents. 3.) "R3 initiated this lawsuit and yet is now taking inordinate steps to avoid its discovery obligations." 4.) According the Ripple's legal team, R3 refuses to produce documents predating January 1, 2016 or post-dating June 13, 2017. Their argument is such documents are not relevant. 5.) According to Ripple's legal team, R3 refuses to produce the operating agreements of R3 and Distributed Ledger Group, LLC. 6.) According to Ripple's legal team, R3 is refusing to including in the document search and collection efforts four (4) highly relevant custodians (people). 7.) The four (4) custodians or R3 people: Charley Cooper, Adam Furgal, Mike Hearn and Richard Brown. 8.) Project Romeo was a code name used by the parties to refer to the development of a formal R3/Ripple long-term commercial partnership. Thus, Ripple's legal team has added that term to the list of terms to search in the emails, texts, correspondences, etc. 9.) In one of the court documents below, you will see the proposed list of people from R3 who will be ordered to turn over texts, emails, voicemails, etc., and will probably be deposed at some point by both sides and their legal team. Check out that document. 10.) Lastly, both parties are going back and forth on what terms to search, limiting the scope of the discovery. This is common. So, for example, let's say R3 and Ripple Labs both agree to include the search term "XRP." During the discovery process, Ripple and R3 would then search through the other party's texts, emails, voicemails, correspondences, etc., of the custodians or people specifically listed or agreed upon AND within the specified timeframe, looking for the term "XRP." Thus, if Brad is a listed custodian for Ripple Labs, any email during the timeframe where the word "XRP" was used would come up in the search for R3. Hopefully that makes sense. Anyways, they are fighting on what terms to search and how "wide" the scope should be here. Still digging through these documents. I will post some more information, if needed. Later tonight, I'm going to do some more digging into Distributed Ledger Group, LLC. Never heard of this LLC before. Later. @Snoopy @Pablo @zerpdigger @vlad_got_it @xrpisking @FinancialAnybody
  7. Hey guys, Quick update on the Ripple Labs, Inc. v. R3 court case filed in New York (there is also a case on appeal in California; the Delaware case was dismissed). In New York, both parties "presently wish to jointly engage a mediator at an appropriate time to aid settlement." It seems apparent that both sides will be sitting down sometime in the near future to discuss a possible settlement. Now, this court in New York has a Alternative Dispute Resolution Program, where they try and help parties to a civil court case settle their disagreements prior to going to trial. Both Ripple Labs, Inc. and R3 have filed "Alternative Dispute Resolution (ADR) Attorney Certifications" with the court in New York (see court documents below). "The Program is basically a mediation program, in which neutrals meet with the attorneys and parties in Commercial Division cases, review the facts and legal issues presented by the case, and attempt to facilitate discussions between or among the parties and their attorneys and explore the possibility of settlement." (https://www.nycourts.gov/courts/ComDiv/NY/ADR_overview.shtml) Obviously, if the parties go to mediation but are unable to reach a settlement, their right to a trial is preserved and that will continue moving foward. As of February 27, 2018, there has been no settlement (per the court records). Want to make this very clear. This does not mean both parties are going to settle either. Want to make that very clear. Just found this very interesting, for if either party wanted to, they could have checked the box that stated "does not presently wish to jointly engage a mediator at an appropriate time to aid settlement." At least both sides are willing to sit down and try and work things out. We'll see what happens. Keep you posted.
  8. Hi All, Opinions on the following, if you please; https://aws.amazon.com/partners/blockchain/ I know what AWS is, as in cloud compute, however Amazon are listing R3 and Quorum on their blockchain partner list. I can see that these services are hosted on AWS and you can purchase these services through the AWS marketplace. Anything to be worried about? as in, if Amazon do chose a Blockchain solution, surely they will use one that they have already partnered with? Am I looking at this wrong the wrong angle? Appreciate any thoughts!
  9. Potentially bad news for Ripple and its native token's price in the following very short article: https://www.bloomberg.com/news/articles/2018-03-12/ripple-loses-bid-to-keep-its-cryptocurrency-fight-in-california
  10. I came across this article that states that the Bank of Korea tested R3's Corda between 28 institutions. A Google translate of the Korean article contained the following statements: As a result of applying the block chain technology to the banking business, it is said that it is premature. The transfer of funds is slow and the failure recovery is difficult. On the other hand, security was good. (..) The Bank of Korea (BOK) said, "From September last year to January of this year, the Bank of Korea (KDB) conducted a fund transfer test between 28 institutions including banks, securities companies and KFTC using distributed technology. "When it happened, it was difficult to recover, and efficiency and resilience were poor." http://m.whitepaper.co.kr/news/articleView.html?idxno=95229#086C
  11. What does this mean for Ripple? https://www.finews.ch/news/banken/30893-blockchain-ing-cs-hqlax-corde-r3
  12. ***IF YOU HAVE NOT YET, PLEASE READ MY PREVIOUS THREADS ON THE GATES FOUNDATION AND INDIA*** Unlike in India, there is no singular centralized effort driving Ripple adoption but more of a collected effort done by multiple parties. However, most of these parties are being guided and aided by the Monetary Authority of Singapore (MAS) in each of their respective ventures. Monetary Authority of Singapore (MAS) The MAS is Singapore's central bank and financial regulatory authority. Compared to other central banks, MAS has been proactive when involving trialing and adopting new financial technology. Last year MAS established a fintech regulatory sandbox intended to MAS intentions is to create a space that promotes the exploration of fintech and avoid An outcome that MAS says is "undesirable" as there are promising innovations waiting to be taken advantage of. http://www.mas.gov.sg/Singapore-Financial-Centre/Smart-Financial-Centre/FinTech-Regulatory-Sandbox.aspx http://www.mas.gov.sg/News-and-Publications/Media-Releases/2016/MAS-Issues-Regulatory-Sandbox-Guidelines-for-FinTech-Experiments.aspx On top of hosting the regulatory sandbox, MAS conducted "Project Ubin". The project, which consisted of a group of Singaporean banks, served as a prototype payment system utilizing distributed ledger technology that allowed bank users to exchange currency with one another without long processing fees, intermediaries, or expensive processing fees. Along with the banks and MAS, R3 also participated in the project. http://www.mas.gov.sg/~/media/ProjectUbin/Project Ubin SGD on Distributed Ledger.pdf With the conclusion of phase one, MAS has plans for two spinoff projects. The first project, driven by the Singapore Exchange (SGX), focuses on making the fixed income securities trading and settlement cycle more efficient through DLT. While the second project focuses on new methods to conduct cross border payments using central bank digital currency. Along with that, http://www.mas.gov.sg/News-and-Publications/Media-Releases/2017/MAS-working-with-industry-to-apply-Distributed-Ledger-Technology.aspx (keep this in mind, MAS are in discussions with other central banks on using DLT for cross-border payments) But where is Ripple on all this? During MAS's sandbox initiative, Ripple was sought as a consultant for the project. https://ripple.com/files/ripple_mas_sandbox_consultation_07_2016.pdf https://ripple.com/files/ripple_comments_mas_ppf.pdf Along with that, Ravi Menon (Managing Director of MAS), praised Ripple for having a solution to real-time gross settlement, currency exchange, and remittance thru DLT. https://ripple.com/insights/singapores-continued-investment-in-banking-innovation/ And in Project Ubin's latest report, Ripple was mentioned in their future focus section for Phase 2 of Project Ubin. Deloitte (a contributor to the project and a partner of Ripple) mentions the prototype integrating the Ripple blockchain to allow Person-to-Person (P2P) transactions across geographies. So to summarize MAS's future ventures, 1. They want to connect with other central banks thru DLT for cross border payments 2. The Ripple blockchain has been integrated into the prototype to be used for cross border transactions Onto the Middle East........... Bahrain The nation of Bahrain thru the leadership of Bahrain’s Economic Development Board (EDB), has been tasked to lay the foundation for a national adoption of blockchain technology. Bahrain wants to position itself as a leader in financial technology just as how Singapore has become. Khalid Al Rumaihi, CEO of the EDB, has stated that https://www.cryptocoinsnews.com/kingdom-bahrain-aims-country-level-blockchain-adoption/ Meanwhile the government also wants to establish a ‘regulatory sandbox’ that would serve as a regulator-friendly space that complies with Bahrain laws to enable research and testing of new Fintech products and innovations specific to the region’s requirements. If this is all sounding similar, it's for good reason. The EDB is drawing inspiration from none other than Singapore/MAS's blockchain pilot project, "Project Ubin". https://www.cryptocoinsnews.com/kingdom-bahrain-aims-country-level-blockchain-adoption/ And to take it even further, EDB has held discussions with MAS on deploying a pilot blockchain project and has even signed a partnership with the Singapore FinTech Consortium. https://www.cryptocoinsnews.com/bahrain-signs-fintech-pact-singapore-amid-plan-country-level-blockchain-adoption/ http://infocoin.net/en/2017/03/02/singapore-and-bahrain-plan-to-build-a-blockchain-pilot-project/ http://www.arabianbusiness.com/bahrain-in-talks-with-singapore-on-blockchain-pilot-665012.html So the fintech environment is beginning to resemble the Singaporean environment while also being shaped by the Singaporean Consortium and possibly MAS. Along with that development, blockchain has already begun it's penetration into the Bahrain's banking system thru Bank ABC. Bank ABC, formerly known as the Arab Banking Corporation, became the first financial institution in the MENA region to join the R3 blockchain consortium. https://www.cryptocoinsnews.com/bahrain-bank-first-mena-region-join-r3-blockchain-consortium/ There also has been one interesting development in the nation with one of Ripple's partners. Tata Group is an Indian multinational conglomerate holding company headquartered in Mumbai, Maharashtra, India. Tata Group has a number of subsidiaries that include Tata Communications and Tata Consultancy Services. Ripple and Tata thru Tata Consultancy Services's TCS BaNCS have cooperated with another in India to provide financial solutions for Indian banks. We also know thru employee profiles, that there have been experiments with Ripple's technology in processing cross border payments. Interesting enough, we know Tata Consultancy Services has also launched an Aadhaar enabled payment platform allows retailers integrate payments across multiple channels through a single interface. http://economictimes.indiatimes.com/tech/ites/tata-consultancy-services-starts-aadhar-enabled-payment-platform/articleshow/58361092.cms Just recently Tata Communications was chosen by Balteco as a cloud partner by utilizing Tata Communications’ IZO™ Cloud Enablement Platform. The significance of this partnership is simple. Batleco, which was established by the government, is the principal telecommunications company in Bahrain. As of today, Batelco remains majority state-owned by the Mumtalakat (Bahrain's sovereign wealth found). And the company itself remains as the majority telecommunications provider for the state. The infrastructure is being laid out..... http://batelco.com/news-media/batelco-and-tata-communications-sign-agreement-to-expand-the-reach-of-their-global-connectivity-data-centre-solutions-for-customers/ And as an update on Bahrain's "sandbox", it has opened this past summer with two tech firms already entering it. NOW Money (who Dilip Rao seems to be a fan of) and Tramonex being those two tech firms, were assisted and advised by the EDB to register into the regulatory "sandbox". http://www.arabianbusiness.com/industries/banking-finance/377682-first-two-tech-firms-enter-new-bahrain-sandbox On NOWMoney, http://www.arabianbusiness.com/industries/banking-finance/377682-first-two-tech-firms-enter-new-bahrain-sandbox On Tramonex, http://www.arabianbusiness.com/industries/banking-finance/377682-first-two-tech-firms-enter-new-bahrain-sandbox https://www.siliconrepublic.com/start-ups/fintech-nowmoney-migrant-workers Tramonex has recently begun to test cross currency payments on blockchain. http://www.financemagnates.com/cryptocurrency/innovation/tramonex-gets-approved-uk-regulator-issue-currency-blockchain/ https://bankinnovation.net/2017/02/tramonex-to-use-smart-contracts-for-cross-currency-money-transfer/ UNITED ARAB EMIRATES Similar to Bahrain, the UAE is striving to become a fintech pioneer. Dubai in particular wants to become the first fully blockchained-powered city in the world. This challenged, backed by the UAE government, is undergone by the Smart Dubai Office (SDO). https://cointelegraph.com/news/suddenly-dubai-aims-to-become-first-blockchain-powered-city-by-2020 In the UAE, the Abu Dhabi Global Market (ADGM) was established by the government to be an international financial center for local, regional and international institutions. And for the past year, it has been extremely active in both the cross border payments space and the fintech realm. This past February, the ADGM and the central bank of Bahrain (CCB) signed legislature intended https://www.adgm.com/mediacentre/press-releases/abu-dhabi-global-market-and-central-bank-of-bahrain-form-partnership-to-enhance-cross-border-cooperation/ Along with forming a partnership with CBB, ADGM has also signed an agreement with none other than MAS. The collaboration between both parties is focused on fintech innovation and cross-border activity. http://fintech.adgm.com/adgm-and-the-mas-collaborate-to-foster-fintech-innovation-and-cross-border-activities/ And ADGM themselves also has it's own regulatory sandbox which consists of five participants. With the most notable participant being.....NOW Money. https://www.cnbc.com/2017/05/17/abu-dhabi-global-market-admits-first-five-fintech-start-ups-into-its-reglab-sandbox.html Along with all of this, ADGM has also joined the R3 blockchain consortium. https://www.cryptocoinsnews.com/abu-dhabi-regulator-joins-r3-blockchain-consortium/ http://www.econotimes.com/ADGM-becomes-first-regulatory-body-in-MENA-region-to-join-R3-blockchain-consortium-712252 We are also aware that Ripple themselves have made partnerships with multiple financial institutions in the nation, with one being with UAE Exchange. UAE Exchange is a major UAE Forex and remittance house. The CEO of UAE Exchange, Promoth Manghat, commenting on the collaboration https://www.cryptocoinsnews.com/uae-remittance-giant-taps-ripple-instant-blockchain-international-payments/ The UAE Exchange themselves are part of some notable collaborations. Just this past summer the UAE Exchange and the ADGM signed an agreement to support, develop and promote the FinTech ecosystem in Abu Dhabi and the United Arab Emirates. http://timesofoman.com/article/114869/Business/UAE-Exchange-signs-pact-with-Abu-Dhabi-Global-Market But the most interesting collaboration (in my opinion) that the UAE Exchange is a part of is it's membership in the Indian "Bankchain" consortium. The very same blockchain consortium in India that I had previously mentioned in my prior post on India. https://www.coindesk.com/indias-bankchain-consortium-launches-blockchain-kyc-system/ Even more interesting, the UAE Exchange has already developed a digital payment platform called XPay Wallet that is already integrated to the UPI Service (Aadhaar). http://www.thehindubusinessline.com/money-and-banking/uae-exchange-launches-xpay-wallet/article7480861.ece http://www.financialexpress.com/economy/uae-exchange-backs-govt-on-demonetisation-through-xpay-cash-wallet/443279/ http://www.tmcnet.com/usubmit/2017/04/18/8528945.htm There is also has been activity with some UAE banks with the most publicized Ripple partnership in the nation being the one with the National Bank of Abu Dhabi (NBAD). https://www.nbad.com/en-ae/about-nbad/overview/newsroom/2017/01-02-2017.html But there is one other bank in the country conducting blockchain trials that has ties to Ripple, Emirates NBD. Back in 2015, Emirates NBD and Ripple collaborated with one another shown by this Emirates NBD presentation. https://www.infosys.com/confluence/PublishingImages/17/v2/presentation/Blockchain_Emirates NBD.pdf Emirates NBD has also recently been trialing cross-border transactions on blockchain technology with ICICI Bank under theguidance of the central bank of the UAE. https://www.coindesk.com/emirates-icici-complete-cross-border-blockchain-transaction/ https://www.coindesk.com/emirates-nbd-enlists-uae-central-bank-blockchain-check-trial/ Also Infosys who is cooperating with both Emirates NBD and ICICI Bank for their blockchain trial, is very positive on Ripple technology as well. https://www.infosys.com/industries/cards-and-payments/resources/Documents/digital-bank-blue-ocean-opportunity.pdf On one final note, Tata Communications also seems be laying the foundation in the nation as well by providing the infrastructure thru the IZO Cloud Service. http://www.itp.net/613631-tata-communications-expands-izo-private-cloud-footprint-in-the-uae There you have it, central banks, regulatory authorities, banks, exchanges, and fintech firms all working together from three different countries. The best part is, there is at least one more nation in the Arabian peninsula worth mentioning in a later post........ EDIT The Saudi central bank is working with the United Arab Emirates central bank to issue a digital currency that would be accepted in cross-border transactions between the two countries, UAE central bank governor Mubarak Rashed al-Mansouri told Reuters in December. https://mobile.reuters.com/article/amp/idUSKCN1FZ0LD?__twitter_impression=true UAE and India have reached a historic agreement which will enable businesses on both sides to bypass the US dollar or any other currency https://t.co/RUwGxwOV0A?amp=1
  13. Below is a little 'table' of factors often discussed here, and the possible correlation of each to changes in the price of XRP. Remember that correlation does not imply causation, meaning that while the price of XRP may move in tandem with a factor (or against it), the price movement may or may not be caused by that factor. Correlations measure the strength of a linear relationship between two variables. Qualitatively speaking, correlations between two variables can be negative if one moves up while the other one moves down (ex. sales volume and unit price), or positive if they move in sync in either +ve/-ve direction (ex. home square footage and price), or zero if they are uncorrelated and neither really cares what the other one does. Quantitatively, correlation coefficients vary between a minimum of -1 and a maximum of +1, with values such as 0.2 being described as a 'weak positive correlation' and -0.85 as a 'strong negative correlation.' The table below is only qualitative. It is also subjective and by no means inclusive of all possible factors. factor correlation to XRP price change note good news (Ripple) none, or, if positive, not sustainable yet includes new offices/staff/corridors/partners/exchange listings/pairings/products bad news (Ripple) unknown insufficient data, note R3 lawsuit unresolved Bitcoin price up rarely positive, frequently zero or negative not in sync to the upside Bitcoin price down highly positive in sync to downside, Bitcoin price drop drags down all other coins (including XRP) alt coins price up none no single strong influencer other than Bitcoin (to the downside) alt coins price down positive as side effect of Bitcoin price drop XRP demand/use unknown insufficient data, delays in adoption -> legitimate concerns up -ve sentiment re XRP (non-XRP holders) unknown xrpchat traffic up, conspiracy theories up (many featuring large marine mammals) +ve/-ve sentiment re XRP (XRP holders) none -ve sentiment -> diversification talk up; +ve sentiment -> moontalk up decentralization of validators unknown insufficient data, decentralization incomplete use cases other than cross-border payments unknown insufficient data (ex. Arrington XRP fund, emerging focus on p2p/retail payments) compliance with regulation none presumed positive for Ripple My $.02 (fiat).
  14. Hey guys, A few months back, this community heard about the start of a legal spat between Ripple Labs, Inc. and R3, in which Ripple's CEO Brad Garlinghouse emailed R3's CEO David Rutter and terminated their agreement and option contract. That legal dispute is still ongoing in two different jurisdictions right now. Below is the actual email Brad Garlinghouse sent to David Rutter. It was filed in court yesterday (11/21/2017).
  15. Hey guys, Happy Thanksgiving. Hope you all have a safe and fun holiday with your friends and family. A while back, my first post highlighted the legal dispute between Ripple Labs, Inc. and R3, providing this community the documents filed in court ( https://www.xrpchat.com/topic/9857-ripple-labs v-r3-actual-court-documents/ ) That legal dispute is still ongoing in two different jurisdictions right now (CA and NY). A main document that was missing from my original post (and the court records) was the Technology Provider Agreement or TPA that was executed between both parties, Ripple and R3. That document was filed in court two days ago and is now available to the public. My notes on the Technology Provider Agreement or TPA: The Technology Provider Agreement is dated August 16, 2016. R3 was/is responsible for the overall management and execution of the project (page 2). There were two (2) phases of Project Xenon (page 2). "Following the completion of Phase 1 of the Project, after considering the results of the completed Phase and feedback from the participating R3 Members, the determination to proceed with the Phase 2 shall be solely at R3's option and discretion." (page 2) R3 was/is required to issue a report regarding the outcome of the project, objectively and without bias (page 2). R3's project report was/is confidential information. Have not seen this document filed in court (yet). No clue if this was completed by R3 either. Ripple shall not solicit feedback from R3 members unless R3 approved it first. If a participating R3 member contacted Ripple with feedback, Ripple had to make a reasonable effort to include R3 in the conversation (page 3). Technology license and related obligations. In my opinion, this is one of the important parts of this agreement (page 3). "Each party will own all right, title and interest in and to all of the technology it contributes to the Project including all intellectual property rights..." (page 3) My view here is this. If Ripple's provides their technology, they still own it. If R3 brought something to the table, they still own that. Pretty standard. "Each party will own all right, title and interest in and to any adaptions and modifications of its background technology." (page 3) "The parties agree to disclose promptly in writing and deliver to the other party all derivative technology that it conceives, creates or develops during the term of this agreement." (page 3) In a recent post of mine, it was highlighted that one of the discovery requests asked by Ripple of R3 was about "atomic mode." Was R'3 Corda's atomic mode feature derivative technology that came from this relationship? If so, did R3 communicate that with Ripple? R3 has not answered any of the discovery requests from Ripple Labs (as of 11/22). https://www.xrpchat.com/topic/11893-r3-stonewalling-ripple-labs-in-legal-action/?tab=comments#comment-121617 "Neither party will reverse engineer, disassemble or decompile the other party's proprietary software or attempt to extract any materials and/or exploit any intellectual property embodied in the other party's proprietary software except in furtherance of the commercial partnership and purposes contemplated under this agreement." (page 4) Ripple was/is required to provide R3 with a quarterly report (page 5). Option clause (page 5). We have already seen this. If the agreement is terminated by either party, R3 and any "sublicensees" of Ripple's technology R3 issued (project participants) shall immediately stop using Ripple's technology (page 7). Any disputes arising out of the agreement shall be governed by New York law. Both parties waived their right to a trial by jury (page 11). Ripple filed their complaint in California and demanded a jury trial whereas R3 filed their complaint in Delaware and New York, and they did not request a jury trial. Regarding some of you in this community and your frustrations about Ripple announcing partnerships and who Ripple was/is working with (past, currently or future), this agreement discusses the public disclosure of the agreement and R3 participating members (page 12), shedding some light on joint press releases, getting permission first, etc. Ripple could be working with a central bank or Visa or Amazon (enter any company name here), and we will never know about it until they want us to know. Hate to assume anything, but it is a safe assumption that this clause or something similar is in every agreement Ripple signs with a potential customer. Objective of the project was/is "to explore the potential of digital assets and shared ledger technology in executing customer money movements (as opposed to only moving cash in support of other assets on a ledger...the aim is to demonstrate where the current overheads involved in Nostro accounting can potentially be reduced." ("Exhibit B") One goal of the project was/is having R3 operate Azure node running Rippled ("Exhibit B"). Several things were determined to be outside of the scope of this project ("Exhibit B"). You guys should check these out. Trading use cases which are not settled in cash (e.g., title changes). Nostro accounts held by banks funded with XRP Hedging Wholesale transaction sizes The Project Xenon plan or timetable (snapshot as of 7/13/2016) is in "Exhibit B" Phase 1 - "enable banks to settle transactions on Ripple with each other using XRP to create markets from cash balances." The goal of Phase 1 was to provide viability of the technology ("Exhibit B"). For Phase 1, the time needed to complete the phase for each bank was/is two days. Found this very interesting/cool. My thought was this. If a bank approached Ripple today and wanted to test their technology, does that first round of testing also take two days? Assume "two days" to be two business days, and there are a five business days in a week, but it somewhat puts it into perspective how much time it takes to get just one bank live. Phase 2 - "provide member banks with an additional hosted Ripple Connect instance accessible via browser (fiat payments and messaging), and keep Phase 1 running." The goal of Phase 2 was/is the same as Phase 1. "Exhibit C" appears to be the grant language and/or form for each Project Xenon participant. The amount of XRP granted to each participant was/is 150,000 XRP. "At the conclusion of Project Xenon, you may keep this XRP or you may return it to Ripple." ("Exhibit C") Page 18 and page 26 were blank in the court filings, so those two pages were left out of the documents post below. You can view the original complaints (CA and NY) and the option agreement here: https://www.xrpchat.com/topic/9857-ripple-labs v-r3-actual-court-documents/
  16. Though posted six months ago, it is interesting to review the three man race including Ripple RippleNet/XRP, Swift GPI and R3 Corda plus many others to come (Hyperledger, Digital Assets Holding, IBM/Stellar) ... enjoy and look who's winning? https://www.trulioo.com/blog/instant-global-payments/
  17. Quick update on the Ripple Labs v. R3 lawsuit filed in California back in September 2017. 1.) Plaintiff-Ripple recently requested Defendant-R3 to answer some questions through "interrogatories." An interrogatory is a written question that is formally put to one party in a case by another party and that must be answered. This would be the start of the discovery phase. 2.) Ripple also requested documents and communications from R3. Ripple requested all documents and communications: a.) related to Project Xenon, the agreements between both parties and anything tied to the litigation. b.) related to R3 and Ripple involving David Rutter (R3's CEO). c.) related to entities joining or leaving R3's consortium. d.) related to R3's efforts to have R3's members implement or use Ripple's technology, products, XRP or similar products. e.) concerning R3's effort to account for the value of the option contract and/or to hedge or otherwise manager the risks associated with the option contract. f.) between R3 and current, former and potential investors relating to the option contract. g.) concerning R3's Series A or any other fundraising activity. h.) concerning R3's decision to abandon blockchain technology. i.) concerning the "atomic mode feature" in Corda (R3's DLT software). j.) All documents and communications concerning XRP. 3.) R3 objected and did not answer any interrogatory questions put in front of them by Ripple Labs. 4.) R3 objected and has not turned over any documents and communications requested by Ripple Labs. 5.) R3's main argument is that the court does not have jurisdiction over R3 to hear this case in California. Thus, they don't need to answer or produce anything. 6.) Ripple labeled R3 and their legal team's actions, or lack thereof, as "stonewalling." All of this is pretty standard, and this "procedural posturing" is pretty common, especially when you have two cases filed in two different jurisdictions (CA and NY). It does seem like R3 is delaying a bit aka "stonewalling." In my opinion, the two things that stuck out were Ripple's request from R3 for all documents and communications concerning the "atomic mode feature" in Corda and those communications involving XRP. What is "atomic mode"? Is Corda's atomic mode feature similar to an aspect of Ripple's technology? Was "atomic mode" released after Ripple and R3 had entered into their TPA agreement? Very interesting. Within a few weeks, more should be filed in this case and with the case in NY. Stay tuned.
  18. The latest blog entry has me explaining XRP's cost savings use case, and the reasons why banks and other institutions are adopting XRP. I discuss liquidity, regulation, and even XRP's competitors. Hope you enjoy the read! Please leave any feedback below. As always, please feel free to share my blog on any other platform or media, and thank you for doing so! My blog announcements on other media: Twitter Reddit r/Ripple Reddit r/xrp Reddit r/CryptoCurrency Reddit r/CryptoMarkets Reddit r/RippleTalk Bitcointalk - alt coin sub forum Bitcointalk - XRP speculation thread
  19. Good read ... R3 is building a cross-border payments solution inspired by blockchain, according to news from The American Banker. The company will be partnering with 22 member banks on the project, including U.S. Bank, TD Bank, Barclays, BBVA, CIBC, Commerzbank, DNB, HSBC, Intesa, KBC, KB Kookmin Bank, KEB Hana Bank, Natixis, Shinhan Bank and Woori Bank. Currently, R3 is involved in a legal dispute with former collaborator Ripple. In 2016, R3 claimed that it entered an agreement with Ripple that left the company with the option to purchase 5 billion of Ripple’s proprietary cryptocurrency for $0.0085 by Sep. 2019. The cryptocurrency is now trading at $0.20, which means the options are worth more than $1 billion, and Ripple no longer wants R3 to exercise the option. Ripple countersued R3 in September 2017, with the suit claiming R3 didn’t meet its end of the bargain. A Delaware court dismissed R3’s suit on Oct. 13, citing jurisdictional issues. Charley Cooper, managing director at R3, wouldn’t comment on the legal dispute. The director did say, however, that its international commerce project had been in development for some time, and that it was distinct from any other distributed ledger. “This wasn’t spawned by one particular company,” Cooper said, according to American Banker. “It’s something we’ve been working on that predates a lot of other work in the industry by various different parties.” The blockchain was developed at the beginning of last year, according to Adam Furgal, head of Incubator & Accelerator at R3. “The key difference between R3’s international payments technology and other blockchain-style international payment technologies, including those from Ripple, IBM and Swift, is that R3 is not using digital currency,” said Cooper. https://www.americanbanker.com/news/r3-to-take-on-ripple-with-cross-border-payments-blockchain
  20. Hey Guys, Just to recap. A civil court case was filed by Ripple Labs against R3 in California on September 8, 2017. Ripple Labs is the plaintiff in one case (California) and the defendant in the other case (New York). This post goes into detail about the case filed in California. Foremost, this post has nothing to do with Ripple’s “procedural” win in Delaware earlier this month. Despite a tweet and some previous posts within this forum and on Reddit, yes, this case is still active (the case in New York is still active as well). Anything stating otherwise is incorrect. Yesterday, October 26, 2017, defendant-R3 filed paperwork in the The Superior Court of California, County of San Francisco. Here are my notes on R3’s latest motion, their court documents and the civil case in California (court documents posted below; court documents separated by the Ripple logo): Ripple Labs filed the original complaint against R3 in California on September 8, 2017. R3 filed a motion on October 4, 2017 asking the court for an extension or for more time to respond to Ripple's original complaint. The court granted R3's motion for an extension to respond on October 11, 2017, allowing R3 to respond on or before October 26, 2017. R3 filed a Motion to Quash the original summons or complaint (deem it null or invalid) filed by Ripple Labs on October 26, 2017. There will be a meeting or appearance in court on this motion on or before Monday, November 27, 2017. Under oath, David Rutter (R3's CEO) filed a supporting document for this Motion to Quash, a declaration, stating several things: Ripple has alleged two (2) meetings took place in the Delaware court action (Delaware paperwork could not be found), however, according to David Rutter, the meetings were unrelated to The Technology Partnership Agreement (TPA) and the Option Contract. Both parties have conflicting facts here. "R3 did not immediately sue Ripple for claims arising out of its improper repudiation of the Option Contract because the parties were attempting to resolve the dispute without resorting to litigation." David Rutter called Brad Garlinghouse "as a professional courtesy to inform him of the Delaware action." After filing the complaint in Delaware, R3 filed a second complaint in New York, and R3 is awaiting Ripple's response. Under oath, Isabelle Corbett (R3's Senior Counsel and Director of Regulatory Affairs) also filed a support document for this Motion to Quash, a declaration, stating several things: "To the best of my knowledge, no Project Xenon participant is headquartered or organized in California." "To the best of my knowledge, at least one individual who served as the point of contact for a Project Xenon participant is located in New York; no individual who served as a point of contact for a Project Xenon participant is located in California." R3 attached their original complaint filed in New York for the court or judge in California to view. This is called judicial notice. As of today, October 27, 2017, Ripple Labs has not filed an answer to R3's original complaint in New York (I am actively watching that docket as well). The main point to take away here is this. R3 has motioned the court in California and basically said, look, this Court does not have personal jurisdiction (one of several requirements needed in order to properly bring a civil case forward in court in the U.S.). R3 is stating the New York is the proper forum or venue. In a way, this is going to go back and forth until a proper venue is found. It won't be Delaware. We are left with California or New York. Obviously, R3 wants the dispute litigated in New York, for they will be favored in that state. Same goes for Ripple Labs in California. For my notes on Ripple's original complaint in California, here was my post https://www.xrpchat.com/topic/9857-ripple-labs v-r3-actual-court-documents/ Keep you guys posted. Later.
  21. This blog entry is my pre-SWELL round-up of significant crypto news items affecting XRP and Ripple. I discuss a variety of Ripple and XRP-related items, and also cover the Bitcoin fork(s) news. As always, please leave any feedback re: my blog below, and thank you sincerely for sharing my blog with others. Hope you enjoy & good luck to the Ripple team preparing for the big day tomorrow! My blog announcements on other media: Twitter Reddit Bitcointalk - alt coin sub forum Bitcointalk - XRP speculation thread
  22. Merely a procedural ruling? Hardly... https://www.ft.com/content/05fb7f62-cf54-3d2f-9e9d-d2c994074958
  23. http://bit.ly/2yUJJTx It's getting a bit pathetic how Coindesk reports, this time about R3's latest 'development'. "Icing on the cake", as part of the title, come on.. ? ? Or: Didn't 2 of their most important members leave R3? Coindesk's journalistic credibility is getting worse by the day.. But hey, their problem I guess ?
  24. A year ago, Ripple gave R3 an out-of-the-money call option to buy 5 billion XRPs at $0.0085 apiece. Now that the price of XRP has gone up by 4000%, the option is worth a billion dollars and represents R3’s single most valuable asset. Ripple wants to renege, and R3 is understandably annoyed. https://elaineou.com/2017/09/10/r3-should-have-used-a-smart-contract/?utm_content=buffer7cbc7&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
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