The Blockchain consortium known as R3, formed by more than 200 financial institutions all over the world. The main objective of the consortium is to use blockchain technology in global financial markets. At the moment, it seems that is thinking of an IPO.
According to people familiar with the matter, the start-up is working with different advisors to start an initial public offering. However, no specific or final decisions have been made until now. The sources did not provide information on how or when the offering would take place.
Despite the media attention on it, the company cannot build a proper business around its version of blockchain technology. The company was able to raise $107 million dollars the last year and some reports say that it could be out of money by early 2019.
Back in 2017, the R3 consortium developed Corda, its own blockchain network that includes dozens of additional partners. As reported by Bloomberg, an IPO would help early adopters to cash out, some R3 users may no longer feel comfortable if other big investors would have a big influence in the future path of the company.
R3 explained in a statement:
“We are 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.”