R3, a distributed technology and digital services provider based in New York, United States, is reportedly considering options for its business, including a possible sale.
In a report published on October 24, Bloomberg notes that R3 is exploring available strategic options, such as a joint venture, minority stake or an outright 100% sale.
The blockchain startup, backed by several top investors including Intel and Bank of America, has held initial discussions with Ava Labs and the Solana Foundation. Bloomberg reports that R3 has also held discussions with Adhara, a provider of liquidity management and international payment solutions.
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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 banks left the consortium when R3 focused on risk financing.
A combination of the crypto bear market and other factors has led R3 to significantly reduce its workforce. This included laying off 20% of employees in September 2023.
Before that, the company raised $122 million in a funding round that attracted more than 40 institutional investors in 2018, including Barclays, UBS Group and Wells Fargo.
R3’s Corda technology has been deployed at several institutions with operations in various regulated markets around the world. These include US financial market infrastructure provider Depository Trust and Clearing Corporation, Belgium-based clearinghouse Euroclear, SIX Digital Exchange, Spunta Banca and the UAE Central Bank.
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