Update: this commodity has been updated to include statements made by Charley Cooper, managing director at R3.

While terminal year R3 had implied that the company had a larger goal of raising $200 mln in funding, R3 told Fortune that the figure came from a now-cancelled plan to sell a stake in a research subsidiary. The unnamed former R3 employees told Fortune that the consortium's internal financial targets are "10X short" of their revenue, with the effigy described every bit "laughably off."

Charley Cooper, an R3 managing director, told Fortune that the visitor is not in danger of running out of revenue and will release an update on their finances at the stop of the calendar yr:

"We currently have more than sufficient funding and at this signal take no plans to raise boosted money."

Responding to Cointelegraph'south request for commentary, Cooper stated:

"This is categorically untrue. Nosotros have the widest and largest funding base in the enterprise blockchain space, having raised over $120 million from over 45 institutions to date. While nosotros continue to run into very potent inbound interest in R3, we currently have more than sufficient funding for the years ahead."

Commenting more broadly on the Fortune's article near R3, the visitor'south managing director said to Cointelegraph:

"Blockchain is an incredibly competitive space and it is an unpleasant reality that people play muddied from fourth dimension to time, simply the picture painted of R3 in this article is wholly inaccurate. This commodity is rife with false, malicious statements. All of the figures put to united states – 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 called to rely on these statements and to nowadays them as fact in their article."

At the end of May, Forex settlement provider CLS invested $five mln in R3 as part of a reported third circular of R3 fundraising.

1 unnamed former R3 employee told Fortune that one of the problems the consortium faced was a lack of developers for R3's Corda blockchain:

"Although R3 will say 1,300 architects are contributing to Corda, if you wait at the public release notes of R3, at that place volition exist no more than than three people listed. The public version of Ethereum had 10,000 developers contributing."

R3's founding members had included cyberbanking giants JP Morgan and Goldman Sachs, but Goldman Sachs (and depository financial institution Santander) left the consortium in 2022. An unnamed Goldman Sachs source told Fortune that the bank left due to the unexpectedly large size of the consortium.

R3 recently partnered with enterprise startup Bloxian Applied science, which is notable in that information technology is a step away from the business model of partnering with banks. R3'south plow to enterprise blockchain sales means that they are at present competing with organizations like the Enterprise Ethereum Alliance, whose members include JP Morgan and Microsoft, as well every bit Hyperledger, co-ordinate to Fortune.

R3 as well filed a lawsuit against Ripple (XRP) concluding year, claiming that the latter had violated an agreement for R3 to purchase 5 bln XRP tokens for $0.0085 before the end of 2022. Ripple denies an obligation to pay, citing R3'southward alleged failure to follow through on parts of the agreement. The case will exist held in New York City, with the value of 5 bln XRP now equal to around $3.3 bln -- which could stand for a much-need greenbacks infusion, Fortune reports.

R3 did not reply to Cointelegraph's asking for comment by press time.