Blockchain startup R3 exploring strategic options including sale

R3, a distributed technology and digital services provider headquartered in New York, United States, is reportedly evaluating options for its business, including a potential sale.

In a report published on October 24, Bloomberg notes that R3 is exploring available strategic options such as a joint venture, minority stake, or 100% sale.

The blockchain startup, backed by leading investors such as Intel and Bank of America, held initial consultations with Ava Labs and the Solana Foundation. Bloomberg reported that R3 is also in talks with liquidity management and international payment solutions provider Adhara.

R3 was launched in 2014 and quickly became one of the top blockchain-focused companies in the industry with its technology aimed at banks and other financial institutions. His early success included his role in a consortium that included JPMorgan, Goldman Sachs and Morgan Stanley. With R3 turning to risk financing, most of the banks left the consortium.

A combination of the crypto bear market and other factors led R3 to significantly reduce its workforce. This included laying off 20% of its workers in September 2023.

Before that, the company raised $122 million in a financing round in 2018 that attracted interest from more than 40 institutional investors. These included Barclays, UBS Group and Wells Fargo.

R3’s Corda technology is used in various 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 UAE Central Bank.