One of the co-founders of R3, Jesse Edwards has left the blockchain firm. Now the blockchain company will remain without one of the co-founders, and he says that it is time to move ahead, reports say.
Jesse wrote it in a statement-
“It’s the time for me to leave the company and move ahead as I believe that my work is completed over here. It has been one of the best experiences of my professional life, and I am extremely honored to work with the company which consists of a talented and passionate team in developing this business.”
The company was founded by two more people namely David Rutter-the present CEO and Todd McDonald along with Jesse Edward in 2014 and established its headquarters in New York. Before being the co-founder of R3 Jesse Edwards, was working an investment banker along with Sandler O’Neil. Sandler O’Neil helped Jesse to establish R3. The company had launched the consortium in 2015, and now it has significantly grown and includes important organizations on the Corda blockchain.
The reason of Jesse Edwards to leave the company seems to be due to the strategic differences on how to motivate investment in startups that are created on top of Corda, blockchain fabric of R3 and is the foundation for executing open source applications.
People close to the firm mentioned that Jesse Edward was seeking of working with a side fund of worth 50 million dollars to 60 million dollars; similar to the different funds of Definity and Tezos but the members of the company did not like the plan of Edward.
Jesse Edward did not give any specific reason for leaving the firm but assured that he is departing over good conditions.
The company published its statement over the departure of its co-founder Jesse Edward which states-
“ for over a long time of time Edward was thinking of starting his own independent investment shop, one mentioning it to drive Corda adoption across the world, this made him feel to explore his own path, and we support it. Jesse Edward will remain as an investor and also a close friend of the R3 firm, and we are hopeful of working with him closely in the months to come.”
The R3 Company has backed an internal corporate development function which the company stated and will be responsible for supporting the early stage companies who are building over the Corda platform, and also looks out for various key potential joint ventures, acquisitions and similar associated relationship with the later stage companies.
In a statement, the Company had mentioned that R3 had recently thought of launching an external fund developed with the R3 capital and was added with third-party investment which was pointing at the similar goals as that of early-stage companies.
“After being carefully examined and taking into account the financial strength of R3, the company mentioned that the objectives could be achieved by the company much faster and with the much-normalized process by working over it by our own, the company mentioned.”
R3 is making way for adopting Corda platform, and this is not a secret anymore.