R3 (company)

R3 (R3CEV LLC) is a blockchain technology company.[1][2] It leads a consortium of 42 financial companies in research and development of blockchain usage in the financial system. It is headquartered in New York City. It was founded circa 2014 by David Rutter.

Consortium

The consortium started on September 15, 2015 with 9 financial companies:[3][4][5][6] Barclays, BBVA, Commonwealth Bank of Australia, Credit Suisse, Goldman Sachs, J.P. Morgan,[7] Royal Bank of Scotland, State Street, and UBS.

On September 29, 2015 an additional 13 financial companies joined:[8] Bank of America, BNY Mellon, Citi, Commerzbank, Deutsche Bank, HSBC, Mitsubishi UFJ Financial Group, Morgan Stanley, National Australia Bank, Royal Bank of Canada, Skandinaviska Enskilda Banken,[9] Société Générale, and Toronto-Dominion Bank. Financial Times reporter Kadhim Shubber wrote that the new additions are "a sign the industry is gathering behind R3 in one potential implementation of the distributed ledger technology behind the currency bitcoin."[10]

On October 28, 2015 an additional 3 financial companies joined:[11] Mizuho Bank, Nordea, and UniCredit.

On November 19, 2015 an additional 5 financial companies joined :[12] BNP Paribas, Wells Fargo, ING, Macquarie Group and the Canadian Imperial Bank of Commerce.

On December 17, 2015, an additional 12 financial companies joined :[13] BMO Financial Group, Danske Bank, Intesa Sanpaolo, Natixis, Nomura, Northern Trust, OP Financial Group, Banco Santander, Scotiabank, Sumitomo Mitsui Banking Corporation, U.S. Bancorp and Westpac Banking Corporation

History

On March 3, 2016, R3 announced that it had completed a trial involving 40 banks held in the last two weeks of February, testing the use of blockchain solutions offered by Eris Industries, IBM, Intel and Chain to facilitate the trading of debt instruments. This was a follow-on to an 11-bank trial conducted earlier in January which used Ethereum hosted on Microsoft Azure.[14]

References

  1. ↑ Stan Higgins (July 21, 2015). "Inside R3CEV's Plot to Bring Distributed Ledgers to Wall Street". CoinDesk.
  2. ↑ Nathaniel Popper (August 28, 2015). "Bitcoin Technology Piques Interest on Wall St.". The New York Times.
  3. ↑ Oscar Williams-Grut (September 15, 2015). "JPMorgan, Barclays & others join R3 on blockchain project". Business Insider.
  4. ↑ Jemima Kelly (September 15, 2015). "Nine of world's biggest banks join to form blockchain partnership". Reuters.
  5. ↑ Paul Vigna (September 15, 2015). "BitBeat: Wall Street, City Banks Join Blockchain-Focused Consortium". The Wall Street Journal.
  6. ↑ Ian Allison (September 16, 2015). "Blockchain expert Tim Swanson talks about R3 partnership of Goldman Sachs, JP Morgan, UBS, Barclays et al". International Business Times.
  7. ↑ Pete Rizzo (September 18, 2015). "JPMorgan CEO Issues Cautious Remarks on Blockchain Tech". CoinDesk.
  8. ↑ Jessie Willms (September 29, 2015). "R3 Blockchain Development Initiative Grows to 22 Banks Worldwide". Bitcoin Magazine.
  9. ↑ Pete Rizzo (September 30, 2015). "SEB: Blockchain Could Make Banks 'Radically More Efficient'". CoinDesk.
  10. ↑ Kadhim Shubber (September 29, 2015). "Blockchain initiative pulls in another 13 banks". Financial Times. The addition of the banks, which also include HSBC, BNY Mellon, Deutsche Bank and seven others, is a sign the industry is gathering behind R3 in one potential implementation of the distributed ledger technology behind the currency bitcoin.
  11. ↑ Jemima Kelly (October 28, 2015). "Three banks join R3 blockchain consortium taking total to 25". Reuters.
  12. ↑ Jemima Kelly (November 19, 2015). "R3 blockchain group adds 5 banks, brings in technology heavyweights". Reuters.
  13. ↑ "R3’s distributed ledger initiative grows to 42 bank members and looks to extend reach to the broader financial services community" (PDF). R3 (company).
  14. ↑ Stan Higgins (March 3, 2016). "40 Banks Trial Commercial Paper Trading in Latest R3 Blockchain Test". CoinDesk. Retrieved April 6, 2016.

External links

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