R3, an enterprise blockchain firm, is reportedly seeking a buyer as the private blockchain market continues to decline. The New York-based company, once seen as a pioneer in enterprise blockchain, has explored options such as a joint venture or selling a minority stake. Potential buyers it has engaged with include the Solana Foundation, Ava Labs, and Adhara. R3 was initially founded in 2014 by a consortium of major US banks, with the belief that private permissioned blockchains would surpass public blockchains like Bitcoin. However, the company's fortunes declined after its partnership with Ripple became sour, leading to a payment from Ripple to R3 in 2018. Despite some successful projects, R3's collapse was seen as inevitable, as concerns about centralization and security have diminished the need for siloed networks.



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