Two former employees of the blockchain-R3 of the consortium, who requested anonymity, told Fortune that the organization can spend all the available funds by the beginning of next year, and those who want to invest yet.
It is noteworthy that the founding members of the consortium JPMorgan&Chase and Goldman Sachs left the organization. The latter referred to “a less attractive environment” due to the active expansion.
In may 2017 R3 was able to raise $107 million, but it later turned out that the actual amount was only $98,2 million, because the consortium has reclassified consulting fees as equity.
Initially, the organization’s representatives have stated that they intend to raise $200 million of these funds they planned to obtain through the sale of shares in subsidiary research company, but then in R3 he changed his mind. Contained a $150 million investment, but the consortium has failed to realize this ambition.
The interlocutors Fortune questioned the need for frequent and costly flying Executive Directors R3 to meetings around the world, stressing that a negotiation could be carried out online.
In addition, the salary of the CEO of R3 David Rutter also causes of staff issues. In the consortium refused to give an exact amount, but added that it was quite adequate.
It should be noted that R3 has serious competition in the face of the blockchain consortia Ethereum, and Hyperledger Enterprise Alliance.
The publication notes that the R3 behaves more like a Bank on wall street, not the blockchain startup. Simultaneously, it is emphasized that the initial enthusiasm of large banks can be explained by the fact that they wanted to experiment with the technology of distributed registry, but never really relied on the Corda platform.
Representatives of the consortium deny the information publication and affirm that the organization has the means.
We’re flattered by all the attention, but really, we’re fine ☺ pic.twitter.com/4u9LuInIab
— R3 (@inside_r3) June 8, 2018
Earlier, the R3 has attracted $5 million from a Forex broker CLS.