The infamous deconstructed-blockchain-as-a-service-to-relieve-your-bank-of-its-R&D-budget company known as R3CEV has somehow managed to have some disparaging articles about their newly announced $200-million-dollar fundraising effort erased from the web.
The scrubbed articles paint a much different picture than the sterile spin provided by sanctioned versions such as this one, provided by The Merkle.
The most notable zombified excerpts read as follows:
Knives out for R3 blockchain group as it seeks $200m in funding
Bank-backed blockchain mega-consortium R3CEV is rumoured to be facing a little trouble from its member banks over its extra funding needs.
The request for funding has reportedly not gone down well with the core members of the R3 consortium, who want a bigger return on their investment and for their support of the overall project.
An insider has described the situation as an “implosion”, adding that “the big banks are apoplectic with the high-handed approach and are busy considering their options.”
Blockchain consortium R3 facing unrest over capital raise
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.
According to a report in efinancialnews 3, R3 is now seeking $200 million in capital from its members in exchange for equity stakes in the proposed utility.
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’.
Are these banks finally coming to terms with the possibility that they are funding an overpriced bastardization of Quickbooks for the Cloud? Are they realizing that cooperating as a formalized cartel might not be the best path to regulatory freedom?
Who knows? More importantly, who cares?
Despite Blockchain-without-Bitcoin being a relatively unproven solution, the competition is heating up faster than a basement GPU mining farm. R3CEV is facing a reality where companies like IBM and Digital Asset are going all-in against them. That’s a lot of hungry investment money fighting over what may be an imaginary slice of vaporous pie.
Maybe if R3 representatives such as Tim Swanson and Mike Hearn spent less time trolling Bitcoin via blog posts 4 and NY Times FUD articles 5, and more time embracing the world’s greatest blockchain, they’d actually be getting somewhere.
This article will R3CEV-destruct in 3… 2…
UPDATE: Hey R3, you missed one! http://www.the-blockchain.com/2016/05/13/blockchain-consortium-r3-raise-raise-200-million-member-banks/
UPDATE: Finally, some concrete info about their $200m raise: http://www.afr.com/technology/r3-to-raise-up-to-us200m-from-42-global-banks-for-blockchain-trials-20160515-govexd