As a seasoned analyst with over two decades of experience in the tech and financial sectors, I have witnessed numerous transformations, restructurings, and pivots within companies. R3’s current situation seems to be no exception. Having followed R3’s journey from its inception as a consortium of banks back in 2014, it’s intriguing to see how the landscape has shifted for them over the years.
As a crypto investor, I’ve been following the news about R3, the company that developed the Corda blockchain. It seems they’ve been exploring strategic options for at least half a year now, as per recent reports. These potential moves could shape the future of this enterprise blockchain services provider.
As a crypto enthusiast, I’ve been following the potential developments between R3, Ava Labs, the Solana Foundation, and Adhara. It seems that R3 has initiated talks exploring possibilities such as partnerships, mergers, or partial sales, based on reports from Bloomberg, who’ve sourced information from those in the know about the situation.
A highly visible blockchain with many partners
Corda is an open, permissioned blockchain platform that is utilized by several notable entities such as the Swiss digital stock exchange SDX, fintech Hqlax, and the Japanese financial services conglomerate SBI. Furthermore, it frequently collaborates on research projects with organizations like the Bank for International Settlements, SWIFT, various central banks, and major financial institutions.
R3 launched Corda in 2019. It adopted XinFin’s XDC token as its settlement coin in 2021.
In June 2023, R3 collaborated with financial services company Adhara, specializing in liquidity management and payment solutions, to establish a research lab using Hyperledger technology for creating interoperable solutions. It is worth noting that Adhara has been one of the strategic partners R3 has been discussing with.
In September 2023, R3 reduced its workforce by 20%, following similar moves by Chainalysis and Binance. This move aligns with the broader industry trend. At present, R3 employs approximately 200 to 250 people according to Bloomberg’s report.
From consortium to startup in 10 years
Initially formed by a group of nine banks in New York City back in 2014, R3 expanded rapidly to include more than 70 members by the year 2016. This number eventually grew to over 200 members. Not only that, but Russia’s Sberbank also expressed interest in joining this organization, and Amazon Web Services (AWS) entered into a contract with them as early as 2017.
In 2016, R3 encountered financial difficulties and saw a decline in its membership. Previous members such as JPMorgan Chase subsequently created their own blockchain platforms.
In the year 2018, R3 gathered approximately $122 million in investments from 40 different establishments, among them Barclays, UBS, and Wells Fargo. They also contemplated launching an initial public offering that same year.
R3 did not immediately respond to a CryptoMoon request for more information on its plans.
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2024-10-24 22:20