R3 Raises $150 Million to Develop Corda Blockchain Platform

03/18/2023 16:24 • Metaverse & Beyond • 78 views

According to reports, David Rutter, founder and CEO of R3, a four year old blockchain startup based in New York, confirmed earlier reports that R3 is raising $150 million, saying that it is “not yet over,” but that R3 “has made very good progress,” and “will end a part of the New Year early.” Rutter also gave a detailed introduction to R3’s blockchain platform, Corda, which was developed by CTO Richard Gendal Brown of the company, who was an executive architect for industry innovation and business development at IBM.

Blockchain company R3 is expected to complete a financing of $150 million in the first quarter

Analysis based on this information:

Blockchain startup R3 is raising $150 million in funding to develop their Corda blockchain platform. CEO David Rutter confirmed the reports and stated that they have made good progress and will end a part of the New Year early. The platform was developed by CTO Richard Gendal Brown, who previously held a high-level position at IBM.

The funding will likely be used for further development of the Corda platform, which aims to provide a blockchain solution that is specifically designed for financial institutions. Unlike other blockchain platforms, Corda is focused on ensuring privacy and security of transactions by only sharing information on a need-to-know basis. This provides a level of confidentiality that is crucial in financial transactions.

Corda has already seen adoption from major financial institutions, including HSBC and Standard Chartered, showing the potential for the platform. Both institutions used Corda to complete a transaction for a trade finance deal in May 2018. The platform is also being used by the Australian Securities Exchange for their new blockchain-based clearing and settlement system.

The $150 million funding round will likely attract more attention from financial institutions looking for a blockchain solution that prioritizes privacy and security. The investment will also bring R3 more resources to continue developing Corda and expanding its offerings.

Overall, R3’s fundraising success and the adoption of Corda by major financial institutions demonstrate the potential for blockchain as a solution for financial transactions. Corda’s unique approach to privacy and security could set it apart in a crowded market, making it an attractive option for those looking to adopt blockchain technology.

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