A blockchain software company called R3 which is a consortium of more than 200 individuals, is thinking about launching its own initial public offering (IPO), Bloomberg announced on July 13.
A source familiar with the issue disclosed to Bloomberg that the firm is negotiating an IPO with counsels, while potential buyers have officially communicated interest in the deal. A finally decision for the IPO launch has not yet been made, this according to an announcement released by R3 itself.
“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.”
New York-based R3 is as far as anyone knows considering its options following the development and improvement of the blockchain software market. According to a research led by Deloitte in May, 30 percent of the financial officials who took an interest in an overview said that they “plan to commit resources to blockchain within the next year and a half,” while 33 percent of those asked said they are prepared to actualize the technology.
Not long ago, R3 launched another “version” of its open-source distributed ledger platform Corda designed specifically for institutions. Corda Enterprise is “optimised to meet the demands of modern day businesses,” and incorporates a Blockchain Application Firewall” to give the platform a chance to run within corporate server centers and still communicate with Corda’s hubs.
In June some former R3 employees revealed to Fortune that R3’s internal financial targets are “10X short” of their income, with the figure depicted as “laughably off.”The consortium’s chief, Charley Cooper, in any case, denied the rumors, saying that his institution is in no danger to run out of cash. He also noted that “we currently have more than sufficient funding and at this point have no plans to raise additional money.”