The legal dispute between Ripple Labs, a crypto payment company based in Singapore, and GCC Exchange, a U.K.-based fintech firm, has come to an end. The two parties have reached a confidential agreement to settle their $15 million lawsuit over XRP transfers.
In July 2023, Ripple Singapore filed a lawsuit against GCC Exchange, alleging that the company failed to fulfill payment obligations for over 40,000 XRP transfers conducted under a supply agreement signed in 2022. The total amount of the unpaid invoices was €13.8 million or about $15 million. Ripple Singapore also demanded additional fees for the late payments.
GCC Exchange denied the allegations and argued that Ripple Singapore breached the agreement by providing faulty services and charging excessive fees. The case was pending in the High Court of Singapore until recently.
In an exclusive interview, Yash Rajesh, the Director of GCC Exchange, revealed that the dispute has been resolved. He said:
GCC Exchange UK Ltd has resolved the dispute with Ripple. The parties have entered into a confidential settlement agreement with no admission of liability.
The news was also confirmed by an XRP community member, who goes by the name of “WrathofKahneman” on X, a social media platform for crypto enthusiasts. He tweeted:
Ripple has ended its lawsuit against partner GCC Remit. In Sept. they sued for ~$15m in unpaid invoices for >40k #XRP. (Assuredly for their ODL use) \”The parties have entered into a confidential settlement agreement with no admission of liability.
Ripple, GCC Exchange Settle Dispute
The settlement marks the end of a legal conflict that could have potentially harmed the reputation and business of both Ripple and GCC Exchange. Also,The two companies are among the leading players in the field of cross-border payments, leveraging blockchain technology and digital assets.
Ripple is the creator of XRP, the fourth-largest cryptocurrency by market capitalization, and the developer of various payment solutions, such as On-Demand Liquidity (ODL) and RippleNet. GCC Exchange is a well-known provider of foreign exchange and money transfer services, operating in over 100 countries, including the UAE.
The settlement could also have a positive impact on the XRP market, as it removes a source of uncertainty and shows that Ripple is capable of resolving disputes with its partners amicably. XRP is currently trading at $0.78, up 3.7% in the last 24 hours, according to CoinMarketCap.
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