Blockchain consortium R3 will not become bankrupt, but, on the contrary, will continue to demonstrate profit growth, wrote R3 CEO in a blog post.

In an official statement in the R3 blog, David E. Rutter, executive director of the consortium, stressed that the company, which raised more than $120 million in several financing rounds, is "in a very strong financial position".

"R3 is in a very strong financial position. We have the widest and largest funding base in the enterprise blockchain space, having raised more than USD 120 million from more than 45 institutions and brought in over USD 20 million in revenue."

His statement contrasts sharply with the information published in the Fortune magazine, which said that R3 is struggling to stay afloat and revive the business model amid growing spending on top managers, while its major members such as Goldman Sachs, JPMorgan and Santander decided to leave the consortium. According to Fortune, citing former employees of the consortium, one of the reasons for the deplorable financial position is high spending on eminent employees, renting expensive office property and transportation costs. One of unnamed ex-employees described the salary of R3 CEO David Rutter as "outrageous".

Rutter said that these statements are "false, malicious rumors", and denied that the R3 budget is practically at zero.

"We’ve always been very sensitive of operating as cost-efficiently as possible, and in fact our average operating expenses per employee has declined each year since launch. We pride ourselves on continuously monitoring, evaluating and trimming expenditures to deliver maximum value for our shareholders."

In April 2016, the consortium introduced a platform for financial operations Corda, which can be used to connect banking operations to both intracorporate and inter-corporate systems. The platform allows to digitize many functions, such as clearing, settlement issues, asset register, financial balances. Corda uses distributed ledger technology, which differs from the public blockchains of bitcoin and Ethereum.