CandleFocus Blockchain startup R3 exploring strategic options including sale
2024-10-24
Author: Content Editor
New York-based digital services provider R3 is considering strategic options for its business, including a potential sale. The blockchain startup, which launched in 2014, has held discussions with parties such as Ava Labs and the Solana Foundation, as well as liquidity management provider Adhara. R3, backed by investors like Intel and Bank of America, aims to provide technology to banks and financial institutions. The company has previously been involved in a consortium with banks such as JPMorgan and Goldman Sachs, but many banks left as R3 turned to venture funding. R3 recently laid off 20% of its workforce due to a combination of factors, including the crypto bear market. The company previously secured $122 million in funding from institutional investors like Barclays and UBS Group. R3's Corda technology has been deployed by various institutions worldwide.
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