Bloomberg: Blockchain startup R3, which has received investments from Bank of America and Intel, laid off one-fifth of its staff last week

ChainCatcher news, according to Bloomberg citing informed sources, the blockchain startup R3, which has received investments from Bank of America, Intel, and others, laid off more than one-fifth of its staff last week after considering the macroeconomic environment to preserve cash in response to the industry's downturn. R3 stated on September 11 that it is streamlining operations internally, but did not disclose specific layoff information.

It is reported that R3 was founded in 2015 and initially led a consortium of large banks focused on building blockchain systems. As R3 began seeking external funding in 2016, some initial members, including JPMorgan Chase, Goldman Sachs, and Morgan Stanley, left the organization. In May 2017, R3 raised $107 million from over 40 institutions, including Barclays, UBS, and Wells Fargo.