R3, a provider of distributed technology and digital services located in New York, USA, is reportedly considering various options for its business, including a possible sale.
As per a report released on October 24, Bloomberg indicates that R3 is exploring strategic options such as a joint venture, taking on a minority stake, or even a full 100% acquisition.
The blockchain startup, which has prominent investors like Intel and Bank of America, has initiated preliminary discussions with Ava Labs and the Solana Foundation. Additionally, Bloomberg reveals that R3 has also held talks with Adhara, a provider specializing in liquidity management and global payments solutions.
Founded in 2014, R3 rapidly established itself as one of the leading blockchain companies in the sector, targeting banks and other financial organizations with its technology. In its early days, it played a significant role in a consortium that featured institutions like JPMorgan, Goldman Sachs, and Morgan Stanley, although many banks eventually departed as R3 shifted towards venture funding.
The combination of a downturn in the cryptocurrency market and other influences has prompted R3 to implement significant workforce reductions, including the dismissal of 20% of its employees in September 2023.
Before these layoffs, the company had succeeded in securing $122 million during a funding round in 2018, which drew interest from over 40 institutional investors, including major banks like Barclays, UBS Group, and Wells Fargo.
R3’s Corda technology is in use at multiple institutions operating within regulated markets globally. These institutions include the U.S.-based financial market infrastructure provider Depository Trust and Clearing Corporation, Belgium’s clearinghouse Euroclear, SIX Digital Exchange, Spunta Banca, and the Central Bank of the UAE.
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