R3 blockchain consortium startup contemplates going public via an IPO
|- R3 is currently developing a scalable and efficient distributed ledger for enterprises.
- R3 distance from speculations of a public listing says its immediate goal is a blockchain solution.
According to a report by Bloomberg, R3 a blockchain consortium start is considering going public in an initial public offering (IPO). Bloomberg says sources “familiar with the matter” confirmed that R3 is in talks with various advisers on the same. Details, where the IPO could be executed, are yet to come to light.
The same sources said that R3 is currently working on developing a scalable and efficient distributed ledger, particularly for enterprises. Moreover, R3 has already been approached by interested parties.
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While speaking to Bloomberg R3 distance itself from the speculation keeping the matter (public listing) out of the public, although:
“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.”
At the moment, R3 is said to have around 300 partners who are from both private and public sectors that are collaborating in the development of open-source Corda blockchain as well as the commercial arm of R3 Corda Enterprise.
Up to now, R3 has raised $112 million in two rounds of funding. Some of the investors according to Crunchbase include HSBC, Bank of America Merrill Lynch, CLS and the SBI Group.
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