The global consortium of major banks and financial institutions looking to tap into block chain technology and headed by New York-based technology firm R3 has five more banks joining the ranks, bringing to a total that now figures 30 global banks. Blockchain startup R3’s initiative…
The global consortium of major banks and financial institutions looking to tap into block chain technology and headed by New York-based technology firm R3 has five more banks joining the ranks, bringing to a total that now figures 30 global banks.
Blockchain startup R3’s initiative to use blockchain technology in financial markets now has five more participants in a group that contains the world’s biggest banks.
BSNP Paribas, the Canadian Imperial Bank of Commerce, ING, MacQuaire and Wells Fargo are the newest members in the consortium that now stands at 30 global financial institutions in total.
In a press release, R3 CEO David Rutter said:
The R3 collaborative model is the best way to quickly, efficiently and cost-effectively deliver these new technologies to global financial markets.
The five new banks join the likes of JPMorgan, Citi, HSBC among other global banks with a significant reach in various areas of industry including payments, corporate banking, retail, sales, trade, wealth management among others.
In adding to the announcement, R3 also noted a raft of new appointments including bitcoin core developer and former Googler Mike Hearn as lead platform engineer. Former Barclays chief engineer James Carlyle is now chief engineer of the team at R3, along with head of research Tim Swanson and cryptographer Ian Grigg.
The combined strength of our technology team and the diverse global footprint of our member banks clearly differentiates us and puts us in a unique and exciting position within the distributed ledger space.
ING’s global head of transaction services, Mark Buitenhek, spoke about his bank being the latest member to join the block chain-centric group:
We want to make the most of what block chain technology has to offer our customers and the best way to achieve this is through global collaboration. Working together, we will develop innovative banking solutions for our clients with consistent standards and protocols guaranteeing widespread adoption.
With technology expertise, knowledge in electronic financial markets and the likes of a former bitcoin core developer along with assured banking systems at hand, the consortium has the hallmark of a well-funded and motivated working group. While sandbox testing of blockchain-based prototypes are a certainty going forward for the collective, it remains to be seen if bitcoin’s own block chain platform may be in the offing, as opposed to private blockchain models that are sought-after by corporations today.
For instance, a recent blockchain-based settlement group comprising the likes of the London Stock Exchange claimed to have a wider range of members as opposed to the “commercial venture” that R3 is, according to the former’s claim.
Featured image from Shutterstock.
Last modified: January 25, 2020 11:11 PM UTC