Blockchain startup R3 exploring strategic options including sale

R3, a distributed technology and digital services provider based in New York, United States, is reportedly weighing options for its business, including a potential sale.

In a report published on Oct. 24, Bloomberg notes that R3 is exploring available strategic options such as a joint venture, minority stake, or a full 100% sale.

The blockchain startup, backed by several top investors including Intel and Bank of America, has held initial consultations with Ava Labs and the Solana Foundation. Bloomberg reports that R3 has also held discussions with Adhara, a liquidity management and international payments solutions provider.

R3 launched in 2014 and quickly became one of the top blockchain-focused companies in the industry, with its technology aimed at banks and other financial institutions. Its early success included its role in a consortium that included JPMorgan, Goldman Sachs, and Morgan Stanley. Many of the banks exited the consortium as R3 turned to venture funding.

A combination of the crypto bear market and other factors has led R3 to significantly cut its workforce. This included laying off of 20% of its workers in September 2023.

Prior to this, the company secured $122 million in a funding round that attracted over 40 institutional investors in 2018. These included Barclays, UBS Group, and Wells Fargo.

R3’s Corda technology has been deployed across several institutions with operations in various regulated markets around the world. These include U.S. financial market infrastructure provider Depository Trust and Clearing Corporation, Belgium-based clearinghouse Euroclear, SIX Digital Exchange, Spunta Banca, and the Central Bank of UAE.

Source: https://crypto.news/blockchain-startup-r3-exploring-strategic-options-including-sale/