Bank

Solana

World

Foundation

Enterprise blockchain services provider R3 is looking for strategic options. It has been considering possibilities for at least the last six months, according to a report. R3 is the developer of the Corda blockchain.
R3 has <a data-ct-non-breakable="null" href="https://www.bloomberg.com/news/articles/2024-10-24/palantir-s-ai-driven-rally-has-gone-much-too-far-for-wall-street" rel="noopener noreferrer nofollow" target="null" text="null" title="null">held</a> “initial discussions” with Ava Labs, the Solana Foundation and Adhara, looking at options such as a joint venture, selling itself or selling a minority stake, according to Bloomberg, which cited people familiar with the matter.
<h2 id="a-highly-visible-blockchain-with-many-partners">A highly visible blockchain with many partners</h2>
Corda is an open, permissioned blockchain that counts the Swiss digital stock exchange SDX, fintech Hqlax and Japanese financial services <a data-ct-non-breakable="null" href="https://medium.com/tokyo-fintech/xdc-network-and-r3-corda-complete-inter-business-settlement-poc-18cc2e1bb1b7" rel="noopener noreferrer nofollow" target="null" text="null" title="null">conglomerate</a> SBI among its users. It is also a consistent participant in research projects with the Bank of International Settlements, SWIFT and a variety of central banks and large financial institutions.
R3 <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/blockchain-consortium-r3-launches-corda-network-and-independent-governance-foundation" rel="noopener noreferrer nofollow" target="null" text="null" title="null">launched Corda in 2019</a>. It <a data-ct-non-breakable="null" href="https://xdc.org/articles/r3-corda-now-has-a-bridge-to-public-blockchains-with" rel="noopener noreferrer nofollow" target="null" text="null" title="null">adopted</a> XinFin’s XDC token as its settlement coin in 2021.
In June 2023, R3 <a data-ct-non-breakable="null" href="https://r3.com/r3-doubles-down-on-interoperability-high-availability-and-scalability-reinforced-by-the-next-generation-of-corda/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">partnered</a> with liquidity management and payment solutions provider Adhara to launch a Hyperledger Lab to develop interoperability solutions. Adhara is one of the parties R3 has been in strategic discussions with.
R3 <a data-ct-non-breakable="null" href="https://www.bloomberg.com/news/articles/2023-09-14/blockchain-startup-r3-trims-fifth-of-jobs-in-cost-cutting-drive" rel="noopener noreferrer nofollow" target="null" text="null" title="null">cut</a> 20% of its staff in September 2023, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-firm-chainalysis-layoff-15-percent-staff-citing-market-conditions" rel="noopener noreferrer nofollow" target="null" text="null" title="null">within weeks of Chainalysis</a> and Binance and <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-layoffs-decelerate-with-layoffs-falling-to-570-in-february" rel="noopener noreferrer nofollow" target="null" text="null" title="null">in keeping with industry</a> trends. It currently has between 200 and 250 employees, Bloomberg said.
<figure><img alt="R3 explores strategic options amid blockchain industry challenges" src="https://s3.cointelegraph.com/uploads/2024-10/0192bfcd-1fb9-7bfb-8958-5bb6b647ec21" title="">
 <figcaption style="text-align: center;">
 Some of Cord’as use cases. Source: <a data-ct-non-breakable="null" href="https://r3.com/use-cases/" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://r3.com/use-cases/">R3</a>
 </figcaption>
</figure>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/euroclear-launches-digital-securities-issuance-service-settles-world-bank-bond" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Euroclear launches digital securities issuance service, settles World Bank bond</a>
<h3 id="from-consortium-to-startup-in-10-years">From consortium to startup in 10 years</h3>
New York-based R3 <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/9-banking-superpowers-unite-behind-bitcoins-blockchain-tech-op-ed" rel="noopener noreferrer nofollow" target="null" text="null" title="null">began as a consortium</a> of nine banks in 2014 and <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/r3-finally-open-sources-blockchain-project-admits-budget-difficulty" rel="noopener noreferrer nofollow" target="null" text="null" title="null">grew to over 70 members</a> by&nbsp; 2016. It eventually had over 200 members. Even Russia’s Sberbank <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/russias-biggest-bank-wants-to-adopt-blockchain-not-bitcoin" rel="noopener noreferrer nofollow" target="null" text="null" title="null">expressed interest in joining</a> it, and AWS <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/amazon-embraces-distributed-ledger-through-r3-shuns-other-blockchain-solutions" rel="noopener noreferrer nofollow" target="null" text="null" title="null">contracted with it in 2017</a>.
R3 <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/goldman-sachs-santander-drop-off-r3-end-of-blockchain-consortium-is-near" rel="noopener noreferrer nofollow" target="null" text="null" title="null">began to experience financial</a> setbacks and lost members in 2016. Some former members, like JPMorgan Chase, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/jpmorgan-chase-quits-r3-to-pursue-its-own-blockchain-strategy" rel="noopener noreferrer nofollow" target="null" text="null" title="null">went on to develop their own</a> blockchains.
R3 raised $122 million from 40 institutions, including Barclays, UBS, and Wells Fargo, in 2018 and <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bloomberg-r3-considers-ipo-launch-potential-buyers-express-interest" rel="noopener noreferrer nofollow" target="null" text="null" title="null">considered holding an initial</a> public offering the same year.
<figure><img alt="R3 explores strategic options amid blockchain industry challenges" src="https://s3.cointelegraph.com/uploads/2024-10/0192bfce-b06d-7c56-b362-700ad1c571e8" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/moo9000/status/1849442996967624891" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://x.com/moo9000/status/1849442996967624891">Mikko Ohtamaa</a>
 </figcaption>
</figure>
R3 did not immediately respond to a Cointelegraph request for more information on its plans.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/solana-champion-mert-mumtaz-fud-sol-most-helius/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">The rise of Mert Mumtaz: ‘I probably FUD Solana the most out of anybody’</a>
&nbsp;

R3 explores strategic options amid blockchain industry challenges

Table of Contents

Cointelegraph

Other articles published on Oct 24, 2024

Denmark to Become First Country to Tax Unrealized Crypto Gains

Bitcoin Price Analysis: Here’s the Most Probable Target for BTC in the Next Few Days

Is XRP in Danger of Falling Below $0.5? (Ripple Price Analysis)

Denmark considering 42% tax on unrealized gains and losses for cryptocurrencies

BingX Restores Full Operations and Unveils “ShieldX” for Enhanced Security

BRICS Summit in Russia Discusses Cryptocurrency Use to Bypass Sanctions

Join our free newsletter for daily crypto updates!