Enterprise Blockchain Services Provider R3 Considers Strategic Options, Including Joint Venture or Sale

R3 is the developer of the Corda blockchain. It has held “initial discussions” with Ava Labs, the Solana Foundation and Adhara

Enterprise blockchain services provider R3 is reportedly exploring strategic options, including a joint venture, sale or minority stake sale, with Ava Labs, Solana Foundation and Adhara.

According to Bloomberg, which cited people familiar with the matter, R3 has held "initial discussions" regarding the possibilities.

R3 is known for developing the Corda blockchain, which has been adopted by several major institutions, including the Swiss digital stock exchange SDX, fintech Hqlax and Japanese financial services conglomerate SBI.

Corda is also a frequent participant in research projects with the Bank of International Settlements (BIS), SWIFT and various central banks and financial institutions.

R3 launched Corda in 2019 and adopted XinFin’s XDC token as its settlement coin in 2021.

In June 2023, R3 partnered with liquidity management and payment solutions provider Adhara to launch a Hyperledger Lab for developing interoperability solutions.

R3 reportedly has between 200 and 250 employees, having cut 20% of its staff in September 2023, following similar moves by Chainalysis and Binance, which came amid broader industry trends.

Some of Corda's use cases, as highlighted by R3. Source: R3

Related: Euroclear launches digital securities issuance service, settles World Bank bond

From consortium to startup in 10 years

Based in New York, R3 was founded in 2014 as a consortium of nine banks, which grew to over 70 members by 2016 and eventually surpassed 200.

Among the institutions that expressed interest in joining R3 were Russia’s Sberbank and AWS, which contracted with the firm in 2017.

However, R3 began to experience financial setbacks and lost members in 2016, with some former participants, like JPMorgan Chase, going on to develop their own blockchains.

R3 raised $122 million from 40 institutions, including Barclays, UBS, and Wells Fargo, in 2018 and reportedly considered an initial public offering (IPO) that same year.

Source: Mikko Ohtamaa

R3 did not immediately respond to a Cointelegraph request for more information on its plans.

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