R3 Engages In Preliminary Talks With Ava Labs And Solana Foundation

According to PANews, New York-based blockchain startup R3 has been in preliminary discussions with representatives from Ava Labs, the Solana Foundation, and Adhara. These discussions, ongoing for at least six months, have explored various options, including joint ventures, minority equity sales, or a complete sale. Despite its Corda technology being utilized by several live platforms, such as the Swiss stock exchange's digital asset trading platform, some projects have not progressed to the testing phase. The company, which laid off about one-fifth of its workforce a year ago, currently employs between 200 and 250 people. Founded in 2014, R3 was one of the earliest and most prominent startups focused on developing blockchain-based systems for banks and other financial institutions. Initially, it led a consortium of major banks dedicated to building blockchain systems capable of handling some of the most complex processes. However, starting in 2016, initial members like JPMorgan Chase, Goldman Sachs, and Morgan Stanley began exiting the consortium as R3 sought external funding. In a 2018 funding round, R3 raised $122 million from over 40 institutions, including Barclays, UBS, and Wells Fargo. The company had also considered going public as early as 2018.