R3 hits back at financial woe story
It’s disappointed
Enterprise blockchain software firm R3 is fighting back against a news article that claimed it was running out of money.
David E. Rutter, CEO of R3, says: “Last week a negative and inaccurate news article about R3 was published. We were saddened that any of our previous employees saw fit to spread false, malicious rumours about the company, and were very disappointed that unsubstantiated figures and comments were taken seriously by a reporter, who then subsequently chose to ignore our factual response.”
According to Fortune, former employees of R3 are claiming a recent fundraise of $15 million fell far short of what was needed for it to continue operations.
There were other claims of opulent expenditure, such as short helicopter rides, and excessive salaries.
Naturally, R3 wants to set the record straight.
The firm says more than $120 million has been raised from more than 45 institutions and brought in over $20 million in revenue.
Rutter explains: “R3 has more than sufficient funding and continues to see inbound investment interest. If we decide to take on additional funding it will be because we see the strategic value of the investor, or because it will help accelerate our growth to meet demand.”
In fact, last month, R3 secured an undisclosed investment from CLS, the market infrastructure group. It may be better in future to let people know the exact sum it got.
Rutter also waxed lyrical over its Corda platform. And to be fair, it has certainly been getting a lot of traction.
Some recent examples include Commerzbank calling on Corda for a trade finance thrust; and Deutsche Börse and HQLAx signing a letter of intent to form a partnership to create a securities lending solution using Corda.
In addition, Credit Suisse and ING executed the first live transaction using HQLAx’s securities lending app on Corda.
