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21:54, 18 June 2018

R3 Not Going Bankrupt, in a Extremely Robust Financial Position: CEO David Rutter

R3 Not Going Bankrupt, in a Quite Robust Economic Position: CEO David Rutter


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The chief executive of R3 is striking back at a current report that the enterprise blockchain startup is hemorrhaging money and is properly on its way to bankruptcy.

Writing in an official statement on the R3 weblog, David E. Rutter said that the firm &#8212 which has raised a lot more than $120 million more than multiple funding rounds, is in a &ldquovery strong financial position.&rdquo

He wrote:

&ldquoR3 is in a quite robust economic position. We have the widest and largest funding base in the enterprise blockchain space, getting raised much more than USD 120 million from more than 45 institutions and brought in more than USD 20 million in revenue.&rdquo

His statement presents a marked contrast to the report, initial appearing in Fortune, that R3 has struggled to turn a profit or even develop a viable business model, even as it has noticed higher-profile institutions such as Goldman Sachs, JPMorgan, and Santander exit its banking consortium.

The report cited anonymous former staff who stated that R3&rsquos income has been &ldquolaughably off&rdquo targets and that men and women at the company count on to be out of funds by the first quarter of 2019.

Rutter mentioned that these statements have been &ldquofalse, malicious rumors&rdquo and denied that R3 has wasted its funding.

&ldquoWe&rsquove usually been extremely sensitive of operating as expense-effectively as achievable, and in reality our average operating expenses per employee has declined each year considering that launch. We pride ourselves on constantly monitoring, evaluating and trimming expenditures to provide maximum worth for our shareholders.&rdquo

As CCN reported, R3&rsquos open-source Corda software program was lately deployed by AP Moller &#8212 Maersk, the world&rsquos largest shipping organization, to create a blockchain platform for marine insurance.

Last year, R3 partnered with almost two dozen members of its banking consortium to launch a cross-border payments platform based on Corda.

Meanwhile, the firm is currently embroiled in a lawsuit with Ripple stemming from a failed partnership among the two organizations. The suit, which requires the right to acquire XRP at a price far below the existing marketplace price tag, could be worth billions of dollars.

Featured Image from TechCrunch/Flickr

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Published at Mon, 18 Jun 2018 19:25:18 +0000

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