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R3, the firm behind the Corda blockchain, is looking into various future strategies including potential partnerships, sales, or collaborations with other entities such as Ava Labs, the Solana Foundation, and Adhara. Since its launch in 2019, Corda has been used by many major finance institutions and notable companies. R3, however, has faced some financial setbacks and workforce reductions. Originally established as a consortium of nine banks, it once had over 200 members, but some left to develop their own blockchains. The future plans for R3 remain unconfirmed.

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R3, the company behind the Corda blockchain, is exploring different paths forward. Over the past six months or so, they’ve started talks with Ava Labs, the Solana Foundation, and Adhara about possible moves like partnering up, selling the company or part of it.

Corda is a blockchain that’s open for anyone to use. It counts the Swiss digital stock exchange SDX, finance tech firm Hqlax, and Japanese finance giant SBI among its users. It frequently gets involved in research projects with big-hitters like the Bank of International Settlements, SWIFT, and various central banks and large finance institutions.

R3 first introduced Corda in 2019 and in 2021, adopted XinFin’s XDC token as its settlement coin. In June 2023, they teamed up with Adhara – a provider of liquidity management and payment solutions – to create a Hyperledger Lab dedicated to developing interoperability solutions. Adhara is one of the organizations R3 has been discussing its future with.

Like other companies in the industry, R3 laid off 20% of its workforce in September 2023, and currently has between 200 and 250 employees.

R3 was founded in New York as a consortium of nine banks in 2014, and had over 70 members by 2016. At one point it boasted over 200 members, including Russia’s Sberbank and AWS, which partnered with it in 2017.

However, financial trouble caused the firm to lose members in 2016, some of whom, like JPMorgan Chase, went on to develop their own blockchains. In 2018, R3 managed to raise $122m from 40 institutions – including Barclays, UBS, and Wells Fargo – and considered going public.

We’re waiting for more info from R3 on what they plan to do next.

Source: Cointelegraph