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Blockchain consortium startup R3 is said to be considering an Initial Public Offerings (IPO). Sources familiar with the report reveals that R3 is in talks with an adviser over a potential public listing.
A blockchain-software firm R3 which works with over 200 giant companies such as Wells Fargo & Co, US Bancorp, Microsoft Corp, and Intel Corp is anticipating going public, according to the nearest sources.The firm is still in talks with advisers concerning Initial Public Offerings (IPO), although they are yet to make final decisions.
R3, which is working on designing scalable and efficient financial distributed ledgers for enterprises, has also been contacted by potential buyers, said an individual who asked to remain anonymous due to the confidentiality of the matter.
Chief Executive Officer and founder David Rutter, together with R3 investors such as Bank of America Corp and Intel, will determine its course. However, there are loopholes in the report of where precisely the IPO might be tried. R3 is, of course, silent over the possible listing.
According to Bloomberg:
“We’re not surprised about the speculation given the success of Corda, but an IPO is not a path we’re pursuing at this time. Our mission from the start was to deliver a blockchain solution for the widest possible business community, and any decision we make will have that goal in mind.”
The company currently brags of at least 300 partners from both the public and private sectors working tirelessly to design the open source Corda blockchain plus its subsidiary business Corda Enterprise, according to the company`s website. Some of its members also come from different industries such as regulators, automakers, insurance firms, significant banks, among others.
The overall contribution to date accumulates to $112 million over two rounds, according to CrunchBase data. The investors responsible for this funding include SBI Group, Intel, Bank of America, Merrill Lynch, CLS, and HSBC.
R3 is an enterprise blockchain software company operating with a vast ecosystem of more than 300 members and partners across several industries from both the public and private sectors to develop on Corda, their open-source blockchain network, plus Corda Enterprise, a commercial version for enterprise usage. The company was founded in 2014 by David Rutter and Todd McDonald, and it’s headquartered in Greater New York Area, East Coast, Northeastern US.
Over 2,000 legal, financial, and technology experts sourced from their international member base support their international team of over 190 experts in 13 nations. Their Corda network is already being utilized in industries from healthcare services to insurance, financial, shipping, and more. It records, manages, executes company’s financial agreements in an effective simultaneous development with their peers, creating a globe of frictionless business.