R3 Corda Enterprise Blockchain Firm Co-Founder Departs As Disputes Over Expansion Plans Arise
R3 Co-Founder Leaves
R3 is, without a doubt, one of the busiest firms in the crypto space today as they are partnering with various institutions for the use of their Corda platform.
However, it seems that they will have to enter the next phase of their development with some Changes as it was recently announced that Jesse Edwards, one of their co-founders, will be leaving the company. Edwards had been part of the original team that started R3 in 2014 and this includes CEO David Rutter and ex-Standard Chartered executive Todd McDonald.
From all indications, the departure of Edwards isn’t a malicious one and is mostly based on a desire to explore their projects and a difference of opinions.
“It’s true that my work here is done and it is time to move on. This has been one of the best experiences of my professional career, and I am incredibly privileged to have worked alongside such a talented and passionate team in building this business. R3 has broken away as the market leader and standout partner of choice for professionals looking to apply this technology to their industries. I couldn’t be prouder,” his official statement says.
It was also reported that Edwards had some different ideas about how to give support and funding to the various projects that use the R3 platform. He had been working on a side fund to the tune of $50 to $60 million called Adroc.
The rest of the R3 team, however, chose to go for an internal corporate development function which would provide support for early-stage companies and seek out opportunities such as potential joint ventures and acquisitions for later stage companies.
Edwards is still committed to setting up an investment outfit to drive the adoption of Corda and will focus on this following his departure. The company has clarified that Edwards “remains an investor in and a close friend of the firm, and we look forward to working with him closely in the future.”
No Bad Blood
The idea of an outside fund as described by Edwards was considered by the company but ultimately, R3 decided that such matters would be best handled by the in-house R3 team.
However, the Team had nothing but kind words about Edwards, with CEO David Rutted saying,
“Jesse Edwards is an amazing friend and colleague, and we continue to invest alongside each other in multiple business ventures. We are forever grateful for the contribution he made to launching R3. People come and go in your professional life, but I am proud and honored to have worked with Jesse at R3, and look forward to continuing our work together in other ventures.”