Blockchain consortium R3 might conduct an IPO

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Blockchain consortium R3 might conduct an IPO

The blockchain consortium R3, which consists of more than 200 financial institutions, is considering the possibility of an initial public offering (IPO) of shares, but a final decision on this issue has not yet been made. According to the statement, the company conducts appropriate negotiations with legal advisers, and potential buyers are already interested in this proposal.

Due to the confidentiality of the negotiations, the names of the sources were not disclosed. The final decision regarding the release of R3 on the IPO will be made by the founder and CEO of the company David Rutter together with existing investors.

“We are not surprised by this speculation, given Corda’s [platform’s] success, but the IPO is not the way that we are considering now. From the very beginning, our mission was to create a blockchain solution for the broadest business community, and any decision we will take in the light of this goal, “- said in an official statement R3.

The consortium includes such large organizations as Intel, Microsoft, US Bancorp, Wells Fargo, Bank of America, ABN Amro Group NV, Barclays, Bain & Co., Bank of New York Mellon Corp and Deutsche Bank AG.

R3 blockchain startup, TradeIX financial technical-provider and group of large banks declared that the financial Marco Polo platform officially passes into a pilot stage.

The test stage of the concept began in September of last year in cooperation with BNP, Commerzbank and ING and, as it’s said in the message of R3, it was “very successful”. Now creators of the project hope that this year it will continue development and will attract new banks and other companies, including insurance and logistic.

The main task of the Marco Polo project — to create “completely interoperable” financial network with an open code on the basis of a blockchain of R3 Corda and the TIX platform.

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