- General
- July 15, 2018
- 3 minutes read
Enterprise Blockchain company R3 reported to be mulling an IPO ,Outright sale
image credit : R3 According to a report from Bloomberg, Major Blockchain software company R3 which notably works with a…
image credit : R3
According to a report from Bloomberg, Major Blockchain software company R3 which notably works with a consortium of over 200 companies including the likes of Microsoft, Intel and many other heavyweight enterprises and financial institutions is now said to be in talks with several advisers about an upcoming Initial Public Offering or sale although it hasn’t made any final decisions yet.
Bloomberg cites people familiar with the matter concerning this new report.
R3 has raised well over $100 million in capital since its start in 2014 and has been working with major financial institutions and other enterprises on the deployment of blockchain services for the companies.
R3’s Corda blockchain software currently has both an open source and commercial version and has seen huge success since its release with many enterprises adapting the software for use in blockchain services which provides the ability of making financial transactions more faster amongst other notable features.
The company currently counts offices across London, Brazil and Singapore along with its heaquarters in New York with about 180 employees involved in the development of its Distributed Ledger Services.
Since launching, R3 has seen major firms including Toyota Financial Services, Wells Fargo, Bank of America, BNY Mellon, Credit Suisse, Goldman Sachs, J.P. Morgan, Société Générale, Morgan Stanley, The Royal Bank of Canada, Citi and a long list of others sign up for its service which represents a very good enterprise base for R3 although Goldman Sachs and Banco Santander left the group late 2016 along with JPMorgan which made an exit from the consortium April last year to pursue its own blockchain strategy.
With a hot and rapidly growing blockchain market, We’ll get to see if any of the options considered by R3 would come to fruition as the decision lies with the company’s founder and CEO David Rutter along with the company’s major investors.
