R3, a New York-based decentralized technology and digital services provider, is reportedly considering options for its business, including a possible sale.
In a report published on October 24, Bloomberg noted that R3 is exploring available strategic options such as a joint venture, a minority stake, or an outright 100% sale.
The blockchain startup, which is backed by several top investors including Intel and Bank of America, has held initial discussions with Ava Labs and Solana Foundation. Bloomberg reported that R3 also held talks with Adhara, a liquidity management and international payments solutions provider.
R3 was founded in 2014 and quickly became one of the industry’s leading blockchain-focused companies by offering its technology to banks and other financial institutions. Early successes included roles in consortiums including JPMorgan, Goldman Sachs, and Morgan Stanley. Many banks withdrew from the consortium as R3 turned to venture funding.
A combination of the cryptocurrency bear market and other factors led R3 to significantly reduce its workforce. This included laying off 20% of its workforce in September 2023.
Prior to this, the company secured $122 million in a funding round in 2018 that brought together more than 40 institutional investors, including Barclays, UBS Group, and Wells Fargo.
R3’s Corda technology has been deployed by multiple institutions operating in various regulated markets around the world. These include US financial market infrastructure provider Depository Trust and Clearing Corporation, Belgium-based clearing house Euroclear, SIX Digital Exchange, Spunta Banca, and the UAE Central Bank.
