Blockchain Consortium R3 Reportedly Considers IPO
- The sources did not provide a timeline or a location for the offering.
R3, a consortium of more than 200 blue-chip financial institutions that works on how to use Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term in global financial markets, is thinking of an IPO.
Citing people familiar with the matter, Bloomberg reported that the 5-year-old Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term is speaking with advisers about an initial public offering, although no specific, final decisions have been made at the moment.
The private sources did not provide a timeline or a location for the offering which would make R3 open to public scrutiny, a development that could make the entire arrangement less attractive for its heavyweight members.
Despite intense media spotlight and headline-grabbing new additions, the company struggles amid questions about its ability to build a business around its version of blockchain. Although it managed to raise $107 million last year, some reports said it’s faltering and could be out of money by early 2019.
Furthermore, the uncertainty surrounding its digital assets and the limited public information about its proven success would make any estimate of the New York-based startup’s value involves a lot of guesswork.
Last year, R3 developed Corda, its own version of a blockchain, and over the last few months, it has rapidly added dozens of additional partners. But as the Bloomberg article points out, although an IPO would provide an opportunity for early adopters to cash out, some R3 users may no longer feel comfortable using its software after the new investors would have a big say over its future path or at least focus areas.
Commenting on the news, R3 said in a statement: “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, a consortium of more than 200 blue-chip financial institutions that works on how to use Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term in global financial markets, is thinking of an IPO.
Citing people familiar with the matter, Bloomberg reported that the 5-year-old Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term is speaking with advisers about an initial public offering, although no specific, final decisions have been made at the moment.
The private sources did not provide a timeline or a location for the offering which would make R3 open to public scrutiny, a development that could make the entire arrangement less attractive for its heavyweight members.
Despite intense media spotlight and headline-grabbing new additions, the company struggles amid questions about its ability to build a business around its version of blockchain. Although it managed to raise $107 million last year, some reports said it’s faltering and could be out of money by early 2019.
Furthermore, the uncertainty surrounding its digital assets and the limited public information about its proven success would make any estimate of the New York-based startup’s value involves a lot of guesswork.
Last year, R3 developed Corda, its own version of a blockchain, and over the last few months, it has rapidly added dozens of additional partners. But as the Bloomberg article points out, although an IPO would provide an opportunity for early adopters to cash out, some R3 users may no longer feel comfortable using its software after the new investors would have a big say over its future path or at least focus areas.
Commenting on the news, R3 said in a statement: “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.”