Blockchain technology specialist R3 has doubled the size of its office in London and will add more than 40 new hires in the city as part of a major expansion plans.
R3 said in a statement that the extra space will support its “aggressive hiring plan” to increase global headcount from 215 to almost 300 by the end of the year, with over half of those being based in the larger London office.
The new hires will consist largely of software engineers, but the firm will also recruit for client-facing and commercial roles. The expansion in London also represents the firm’s commitment to the city, despite the uncertainty of Brexit negotiations, R3 said.
“There is enormous opportunity for London post-Brexit,” added R3 chief executive, David 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.”
In March, the blockchain technology vendor laid out plans for its new strategy which includes exploring joint ventures and potential acquisitions. It created a dedicated ‘corporate development’ function, to support early-stage companies building on its flagship Corda platform.
R3 also stated it had considered launching an outside fund with R3 capital and supplemented with third-party investment, but instead decided to go alone. The launch of the new function meant that Jesse Edwards, one of R3’s co-founders who spearheaded its initial fund-raising scheme, left the consortium to set up his own independent investment shop.
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