Blockchain startup R3 exploring strategic options including sale

R3, a distributed expertise and digital companies supplier based mostly in New York, United States, is reportedly contemplating choices for its enterprise, together with a attainable sale.

In a report revealed on October 24, Bloomberg notes that R3 is exploring out there strategic choices, reminiscent of a three way partnership, minority stake or an outright 100% sale.

The blockchain startup, backed by a number of high traders together with Intel and Financial institution of America, has held preliminary discussions with Ava Labs and the Solana Basis. Bloomberg reviews that R3 has additionally held discussions with Adhara, a supplier of liquidity administration and worldwide fee options.

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R3 launched in 2014 and shortly turned one of many high blockchain-focused firms within the business, with its expertise geared toward banks and different monetary establishments. Its early success included its function in a consortium that included JPMorgan, Goldman Sachs and Morgan Stanley. Many banks left the consortium when R3 centered on danger financing.

A mix of the crypto bear market and different components has led R3 to considerably cut back its workforce. This included shedding 20% of staff in September 2023.

Earlier than that, the corporate raised $122 million in a funding spherical that attracted greater than 40 institutional traders in 2018, together with Barclays, UBS Group and Wells Fargo.

R3’s Corda expertise has been deployed at a number of establishments with operations in numerous regulated markets all over the world. These embrace US monetary market infrastructure supplier Depository Belief and Clearing Company, Belgium-based clearinghouse Euroclear, SIX Digital Alternate, Spunta Banca and the UAE Central Financial institution.

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