The head of the blockchain consortium R3 has denied information that his firm is in financial trouble. Commenting on earlier reports in the media, David E. Rutter wrote that R3, which raised over $ 120 million in various collection rounds investment, has a “very strong financial position”.
CEO of blockchain consortium R3: We have a very strong financial position
“R3 has a very strong financial position. We have the broadest and largest funding base in the enterprise blockchain space, raising over $ 120M with contributors more than 45 institutions, and showed profits in excess of $ 20 million, “he wrote.
The message that R3 demonstrates unprofitability and does not even have a working business model, while its key participants such as Goldman sachs, JPMorgan and Santander leave the group, originally from Fortune. The publication referred to anonymous former employees, according to whom the real indicators of the consortium were ridiculously far from the target, and the company itself could go bankrupt by first quarter 2019.
Rutter called these claims “false and fraudulent rumors” and denied that R3 wasted everything. your money: “We have always been very careful about achieving maximum operational efficiency. In fact, our average operating costs per employee have declined every year since our inception. We pride ourselves on continually monitoring, evaluating and cutting costs so that our shareholders can maximize their returns, ”he wrote..
R3 is blockchain developer-platform Corda, which is already finding real use, in including used by logistics company Maersk and two dozen members of a banking consortium. The company is also involved in litigation with Ripple over a collapsed agreement, in within which the consortium should have been given the right to buy 5 billion XRP at $ 0.0085 per unit.
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