R3, a New York-based distributed technology and digital services provider, is reportedly considering various strategic options for its business, including a potential sale.
According to a Bloomberg report published on October 24, R3 is evaluating options such as forming a joint venture, selling a minority stake, or pursuing a full 100% sale.
The blockchain startup, backed by prominent investors like Intel and Bank of America, has initiated discussions with Ava Labs and the Solana Foundation. Bloomberg also mentions that R3 has been in talks with Adhara, a provider of liquidity management and international payments solutions.
Founded in 2014, R3 quickly established itself as a leading blockchain-focused company, targeting banks and financial institutions. The company initially gained traction through its involvement in a consortium that included major players like JPMorgan, Goldman Sachs, and Morgan Stanley, although many banks eventually exited as R3 shifted towards venture funding.
In recent times, a combination of the crypto bear market and other challenges has led R3 to significantly reduce its workforce, including a 20% layoff in September 2023.
Previously, R3 raised $122 million in a funding round in 2018, attracting more than 40 institutional investors, including Barclays, UBS Group, and Wells Fargo.
R3’s Corda technology has been implemented across various institutions operating in regulated markets globally, including the Depository Trust and Clearing Corporation in the U.S., Belgium’s Euroclear clearinghouse, SIX Digital Exchange, Spunta Banca, and the Central Bank of the UAE.
