About a year ago, R3CEV founder David Rutter and partner Todd McDonald traveled to California to survey the growing landscape of digital currency startups for potential investment opportunities. After days of meeting with numerous companies – in addition to back-and-forth trips on the highway – Rutter says that he had a moment of deja vu.
“I had seen it before where a lot of money – a lot of California-based venture money – was being thrown at PowerPoints and half-baked ideas about how this new technology was going to change finance as we know it,” he recalled.
A 30-year veteran of Wall Street and former CEO of Electronic Broking at interdealer broker ICAP Plc, Rutter said that what came out of that trip to California was a decision to eschew the ideas of radical change enabled by cryptocurrencies to instead look for problems that could potentially be solved by the use of a distributed ledger.
He told CoinDesk:
“The journey we decided to take was to build a knowledge base on what’s out there so we can go talk intelligently to big banks about the potential and get their perspective and try to build a thesis around