The developer of the Corda enterprise blockchain, R3, has cut 90 staff out of several hundred. The company last raised funding in 2018 but secured hundreds of millions in a legal settlement with Ripple in 2019.
“We have reduced our headcount internally spread across most functions,” said a spokesperson. “A decision like this is never easy to make, but it is commensurate with the consolidation happening more broadly across the tech industry as firms look to streamline their operations in the current climate.”
“Ongoing we will be focusing on the roll out and support of Corda and our current customers, extending our capabilities through CBDC build projects, digital assets and tokenization, and working with financial market infrastructures on their modernization and digitization initiatives.”
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