Blockchain Consortium Startup R3 Said to Be Considering an IPO
Blockchain consortium startup R3 is said to be mulling an IPO.
According to a Friday report, Bloomberg sources “familiar with the matter” suggested R3 is in discussions with advisers over a potential public listing. There are no indications in the report of where the IPO might be attempted.
The sources also suggested that R3 – which is working to develop scalable and efficient financial distributed ledgers for enterprises – has been approached by interested buyers.
The company, of course, is keeping tight lipped over the possible listing, telling 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.”
R3 now boasts at least 300 partners from both the private and public sectors working to develop the open-source Corda blockchain and its commercial sibling Corda Enterprise, according to the firm’s website. Members include major banks, insurance firms, automakers, regulators and more.
Total funding to date comes to $112 million over two rounds, Crunchbase indicates, with investors including HSBC, CLS, Bank of America Merrill Lynch, Intel and SBI Group.
R3 image courtesy of the company