According to Foresight News, blockchain startup R3 has laid off more than a fifth of its workforce last week, citing the need to conserve cash amid a downturn in the industry. The company, founded in 2015, initially led a consortium of large banks focused on building blockchain systems. As R3 began seeking external funding in 2016, some initial members, including JPMorgan Chase, Goldman Sachs, and Morgan Stanley, left the organization. In May 2017, R3 raised $107 million from over 40 institutions, including Barclays, UBS Group, and Wells Fargo.