BLOCKCHAIN

Blockchain Firm R3 Doubles Down on London as Post-Brexit Technology Hub

R3, the enterprise blockchain software firm, has reaffirmed its commitment to London, doubling the size of its London Wall hub to accommodate its rapidly growing engineering team.

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David Rutter
David Rutter

“There is enormous opportunity for London post-Brexit,” said R3 CEO David E. Rutter.

“While there clearly remain some uncertainties, we believe the city is well placed and established to thrive in the coming years. That’s why we are confident in making this substantial long-term commitment now. R3 is committed to ensuring the technology underpinning Corda is cutting-edge. To continue to do this, we need the very best people. It makes complete sense to look to London as we further develop the ways that blockchain can be developed and deployed.  As our software gains more use cases and across more sectors, we will be looking to invest further in top talent – London and elsewhere.”

The extra space will also support an aggressive hiring plan to increase the company’s global headcount from its current level of 215 to nearly 300 by the end of the year.

R3 LogoOf this, over half of the new hires will be in the London office, with more than 40 new recruits being made in the capital.

The firm’s roster of new hires will consist largely of software engineers, along with commercial and client-facing roles around the world.

This initiative is a cornerstone of R3’s rapid growth plans that include an additional engineering centre in a new city by the early of 2020.

R3 is currently evaluating the best location for the second site and will make that selection in the coming months.

The expansion represents a strong commitment from R3 to London.

London has gained a reputation as a global technology hub and last year, despite the ongoing uncertainty of the Brexit negotiations, attracted more Foreign Direct Investment than any other city.

It was independently ranked as the top global fintech hub by EY and Deloitte and hosts over half of FinTech50’s leading fintech firms1.

While enterprise blockchain is still in its early years, it is now being deployed by some of the world’s largest companies across sectors as diverse as healthcare, insurance, capital markets and global trade.

R3’s Corda blockchain serves as the foundation for many of these initiatives, becoming one of the leading blockchain platforms for enterprise use.

The growth of the engineering team will ensure that the hundreds of businesses who build their applications on Corda can continue to deploy blockchain solutions simply and successfully.

In February, Sumitomo Mitsui Banking Corporation (SMBC), Japan’s second largest bank by assets, finalized a proof-of-concept (PoC) utilizing R3’s Marco Polo trade finance platform.

Marco Polo is a partnership between Irish technology company TradeIX and blockchain consortium R3 to target trade finance utilizing blockchain technology.

Using R3’s Corda blockchain, 15 consortium member banks are contributing to the Marco Polo project, including BNP Paribas, ING, and NatWest.

In May 2018, Bangkok Bank, the largest bank in Thailand, merged with the consortium in an effort to streamline trade finance.

R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 300 firms across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage.

R3’s global team of over 200 professionals in 13 countries is supported by over 2,000 technology, financial, and legal experts drawn from its vibrant ecosystem base.

The Corda platform is already being used in industries from financial services to healthcare, shipping, insurance and more. It records, manages and executes institutions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce. www.r3.com | corda.net

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