Banking Blockchain Business Cryptocurrency Exchanges Exchanges Finance Market News Tech

Enterprise-Level Blockchain Firm R3 Expanding in London & Dublin, despite Brexit

August 14, 2019
Ross Peili


Enterprise-Level Blockchain Firm R3 Expanding in London & Dublin, despite Brexit

After the additional investment in the established London office earlier this month, enterprise-level blockchain firm R3 further increases its position in the EU with a new office in Dublin. 

In case you’re a CoinCodex user, don’t try to search R3 in the public token list, as the company has a more complex, private and enterprise-oriented solution similar to that of IBM‘s Hyperledger, that is tailored for private entities and not for the traditional crypto market. 

Corda, R3’s main net, is being used by the Bank of America, HSBC, and ING among other financial institutions and tech companies that are looking for that extra blockchain-powered backup.

Despite the fact that the UK might be soon withdrawn from the EU Alliance, R3 seems to show interest in the region by continuously expanding its operations in the European island, prior to the political conclusion.

The Dublin office will be open next year, and it will not serve just as a tech hub for the company, but also as a strategic spot for hiring international engineering specialists focusing on blockchain integration. 

The Dublin team will be in close relations with the already established London office that recently got a lift-up of more than 30 software engineers and client-relations personnel to tackle with the increasing demand for blockchain operations in the European region. 

R3’s goal is to build the next generation of stock exchanges utilizing blockchain technology in order to achieve and offer secure and frictionless global trading capabilities to their respective clients. 

“After careful consideration, we chose Dublin because of the deep pool of existing blockchain and technical skills in the city, as well as its close connections to our existing hub in London. We’re looking forward to building our new home here and engaging with the local tech community over the years to come.”

R3 have chosen Dublin, among San Fransisco Bay Area, Berlin, and Amsterdam, passing to a claim in Silicon Valley, due to Dublin’s existing mature talent when it comes to blockchain technology, cybersecurity, and software engineering. 

Maybe the fact that they already had an office in London played some role, but R3’s managing director, Charley Cooper said that the company has chosen London because they believe the city is well placed and established to thrive in the coming years, regardless of the outcome of a possible Brexit.  

Therefore, Dublin was a complimentary move, as it can communicate in real-time both digitally and physically with London while offering a variety of technical experts whom R3 is committed to training into a blockchain-specialized army.  

Rumors spread of R3 running out of cash back in 2018, but it seems that the American company not only walks on its feet but is expanding rapidly overseas. 

Although the managing board declined to comment on their financial status, we remember well the R3-Ripple incident back in 2018, where they signed a contract that allowed R3 to purchase up to 5 billion XRP for a fixed price of $0.0085 per unit all the way from September 2016 to September 2019. 

Now, even with today’s price, you can only do the math and realize the huge arbitrary opportunity for R3’s side here, but go back and recall Ripple in 2017-18 and you’ll get the point. 

Obviously, Ripple was not keen to allow that after its price started to boom, but the legal contract helped R3 to resolve the matter with a lawsuit. 

We know Ripple as a centralized digital currency provider in a decentralized crypto scene. A project that works with banks and that is not what crypto should be about. Now, take a moment and consider that R3 is the same, without the transparency about it.