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The post Blockchain Firm R3 Cuts Over 20% of Global Workforce Due to Industry Slowdown! appeared first on Coinpedia Fintech News
R3, a blockchain company backed by Bank of America and Intel, among others, has cut over 20% of its global workforce as it seeks to weather an industry downturn. People with knowledge of the matter say the New York firm made job cuts across different functions worldwide in an attempt to preserve cash. R3 is one of the pioneering blockchain startups and is focused on developing blockchain-based systems for banks and other financial firms. In a September 11 blog post, the firm announced it was reducing headcount without disclosing figures. Blockchain adoption in finance has been slower than expected.
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