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Blockchain consortium R3 facing unrest over capital raise


nik
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Typical greed in sharing the pie, even before showing any meaningful product.

https://www.finextra.com/newsarticle/28884/blockchain-consortium-r3-facing-unrest-over-capital-raise

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While the utility will be spun off, R3's blockchain development lab will remain under private ownership and any commercial applications developed therein would not be owned by the utility and its backers.

The proposals have not gone down well with the core membership, who want a bigger return on their intellectual capital investment and support for projects emerging from the lab.

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looking far into the future at r3 and ripple , this is all going to be about countrys giving up thier sovereignty and big banks and corporations relinqishing power to a chosen few, this is all going to get very very messy over the next few years ...

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Guest Haydentiff

Have no fear, @RafOlP! Google's cache is here!

https://webcache.googleusercontent.com/search?q=cache:-upW2vOaQeoJ:https://www.finextra.com/newsarticle/28884/blockchain-consortium-r3-facing-unrest-over-capital-raise+&cd=11&hl=en

And for extra good measure:

"Bank-backed blockchain consortium R3 is rumoured to be facing unrest among its membership as it seeks $200 million in funding to develop a utility-based service using distributed ledger technology.

R3 has secured the backing of more than 40 of the largest financial institutions in the world for developing state of the art commercial applications for the market. In April, the consortium revealed its development plans for Corda, a distributed ledger platform "designed from the ground up to record, manage and synchronise financial agreements between regulated financial institution".

According to a report in efinancialnews, R3 is now seeking $200 million in capital from its members in exchange for equity stakes in the proposed utility.

While the utility will be spun off, R3's blockchain development lab will remain under private ownership and any commercial applications developed therein would not be owned by the utility and its backers.

The proposals have not gone down well with the core membership, who want a bigger return on their intellectual capital investment and support for projects emerging from the lab.

One industry insider described the stand-off as an "implosion at R3", adding "the big banks are apoplectic with the high handed approach and are busy ‘considering their options’."

R3 has yet to comment publicly on the negotiations."
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Guest Haydentiff

It's so funny to me that this article was removed. I have a pretty good idea of what was unleashed onto poor Finextra.

I'm still in disbelief that a Rueters article had to be republished a month later because somebody's job title wasn't listed correctly...

http://www.reuters.com/article/us-global-banks-blockchain-idUSKBN0TZ1MF20151216

"(This version of the Nov. 19th story clarifies Richard Gendal Brown's title to show he is chief technology officer in paragraph 6)"

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2 hours ago, Haydentiff said:

It's so funny to me that this article was removed. I have a pretty good idea of what was unleashed onto poor Finextra.

I'm still in disbelief that a Rueters article had to be republished a month later because somebody's job title wasn't listed correctly...

http://www.reuters.com/article/us-global-banks-blockchain-idUSKBN0TZ1MF20151216

"(This version of the Nov. 19th story clarifies Richard Gendal Brown's title to show he is chief technology officer in paragraph 6)"

I don't like it either, but I also can't blame them for playing the PR game well...

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