Back in 2014 R3 had eagerly planned to supply Blockchain technology to a consortium of banks. While the project got off well as J.P. Morgan and Goldman Sachs agreed to be a part of the founding member’s consortium, after two years these blue-chip members left the consortium. Two anonymous previous R3 workers disclosed to Fortune that the consortium’s overall financial goals are “10X short” of their income, with the figure described as laughably off.

One anonymous R3 representative disclosed to Fortune that one of the issues the consortium confronted was an absence of engineers for R3’s Corda Blockchain (Blockchain powered platform to develop apps for finance and business). It was said that- “Although R3 will say 1,300 architects are contributing to Corda if you look at the public release notes of R3, there will be no more than three people listed. The public version of Ethereum had 10,000 developers contributing.”

On the contrast, Charley Cooper, an R3 overseeing executive, disclosed to Fortune that the organization isn’t in peril of being short on income and will discharge a report on their funds toward the finish of the year. He said that- “We currently have more than sufficient funding and at this point have no plans to raise additional money.”

Mr. Cooper’s comments on These Rumours

Responding to the article published on 7th of June 2018, Cooper said that- “This is categorically untrue. We have the widest and largest funding base in the enterprise blockchain space, having raised over $120 million from over 45 institutions to date. While we continue to see very strong inbound interest in R3, we currently have more than sufficient funding for the years ahead.”

Additionally, the Managing Director said that- “Blockchain is an incredibly competitive space and it is an unpleasant reality that people play dirty from time to time, but the picture painted of R3 in this article is wholly inaccurate. This article is rife with false, malicious statements. All of the figures put to us – from our revenue raised to the number of developers working on Corda were hugely over or under exaggerated and clearly designed to cause harm to the reputation of R3. We are disappointed that Fortune has chosen to rely on these statements and to present them as fact in their article.”

The current flow of events which speak in favor of R3

R3 as of late collaborated with big-business startup Bloxian Technology, which is outstanding because it is just a step far from the plan of action of joining forces with banks. R3’s partnership with big enterprise Blockchain companies implies that they are currently contending with associations like the Enterprise Ethereum Alliance, whose individuals incorporate JP Morgan and Microsoft, and also Hyperledger, as indicated by Fortune.

Forex settlement provider, CLS  had put $5 million in R3 as a major investment in the third round of R3’s funding on 31st of May.

R3 additionally had sued Ripple (XRP) in September 2017. It said that Ripple had violated terms for R3 to buy 5 billion XRP tokens for $0.0085 before the finish of 2019. However,  Ripple denies the same, referring to R3’s inability to finish on parts of the agreement. The case will be held in New York City, with the estimation of 5 bln XRP presently valued at $3.3 billion approximately which represents a much-required monetary income.