Blockchain Co R3 Eyes IPO

Blockchain Co R3 Eyes IPO

Sources are reporting that R3  a blockchain-software company that works with big companies such as Intel, Microsoft, U.S. Bank and Wells Fargo — is considering going public.

According to Bloomberg, the company — which has offices in New York, London, Singapore and Brazil  is working to deploy blockchain applications that could lead to lightning-fast money transfers and loans with new features.

Sources, who asked to remain anonymous, said that R3 is speaking with advisors about an initial public offering (IPO), as well as fielding offers from potential buyers. Founder and Chief Executive Officer David Rutter, along with R3 investors such as Intel and Bank of America, will ultimately make the final decision on which direction the company chooses.

R3’s decision could have serious implications for the more than 200 companies it works with, spanning industries including finance, insurance and autos. Businesses involved with R3 include ABN AMRO, Barclays, Bain & Company, BNY Mellon and Deutsche Bank.

“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,” the company said in a statement. “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.”

If the company decides to sell, there is the possibility that some R3 users may no longer feel comfortable using its software. Goldman Sachs and Banco Santander left the group in late 2016, yet the company said more than 20 additional banks have begun working with R3 since then.

A Deloitte survey of 1,000 global executives earlier this year found that about 34 percent of companies already have blockchain systems in production, while another 41 percent expect to deploy the technology in the next 12 months.

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