R3 to expand Corda platform 29 March 2019London Reporter: Maddie Saghir
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R3 is planning to expand its Corda platform after gaining momentum across various industry sectors.
The firm has also reorganised its corporate structure to best support aggressive hiring in all areas. It suggested that its partner community (including central banks and regulators) has grown so quickly that they鈥檙e expanding the team in support of it.
The update from R3 explained that at its quarterly board meeting in early March, it took the new step towards leveraging 鈥渙ur strong capital base to position us as the blockchain for business for the long term鈥�.
The board also approved the creation of a dedicated corporate development function. According to R3, it will be tasked with 鈥渟upporting early-stage companies building on the Corda platform; and exploring a variety of potential joint venture, acquisition, and related activities focused on later stage companies aligned with R3鈥檚 vision鈥�.
Fred Dalibard, R3 board chairperson, commented: 鈥淭he board has approved R3鈥檚 strategy creating a robust internal corporate development function that will deploy capital to support and accelerate ventures.鈥�
鈥淲e are presented each and every day with the chance to help companies at various stages of growth, and now is the time to take advantage of those opportunities. This is a critical time in the blockchain industry, and given the massive potential for the Corda ecosystem to expand rapidly, this function will help enable the next phase of R3鈥檚 development.鈥�
鈥淲e had earlier explored the idea of launching an outside fund built with R3 capital and supplemented with third-party investment focused on the same goals with early-stage companies.鈥�
Dailbard added: 鈥淵et after careful consideration, and especially in light of the financial strength of R3, we determined that we would accomplish these objectives more rapidly and with a more streamlined process by doing it ourselves.鈥�
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