R3

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R3
Founded 2014
Key People David Rutter, Founder and CEO
Products Distributed Ledger Technology

R3 is a financial firm that leads a consortium partnership that works with over 100 of the world's leading financial institutions to design and deliver distributed ledger technologies to the global financial markets.[1] It was founded in 2014 by nine banks including Goldman Sachs, Credit Suisse, JP Morgan and others with the goal of applying blockchain technology to commercial markets.[2]

At the end of 2016, R3 was hit by several big departures, beginning with the exit of Goldman Sachs, followed by Santander and JPMorgan.[3][4] R3 responded by adding ABN AMRO, Fifth Third Bank, insurance provider Suncorp Group and financial services company Synchrony Financial to the group.[5]

History

R3 had initially planned to raise $200 million from members and give them a 90 percent stake in a new company. But in November of 2016, it lowered the target and said members would get a 60 percent stake in R3.[6]

In April of 2017 Calypso Technology teamed up with R3 to provide five financial institutions with trade matching services. The service integrates Calypso’s cloud application and R3’s Corda platform to carry out real-time trade matching tests across four time zones.[7]

Products and Services

R3 developed Corda, an open-source blockchain project designed to build an inter-operable network of distinct blockchain networks that are able to transact between each other privately.[8]

Key People

References

  1. Bank-backed R3 launches new version of its blockchain. Reuters.
  2. Nine of world's biggest banks join to form blockchain partnership. Reuters.
  3. Bank-backed R3 launches new version of its blockchain. Fortune.
  4. JPMorgan Chase & Co leaves blockchain consortium R3. Reuters.
  5. R3 still expanding despite big exits. Global Custodian.
  6. JPMorgan Chase & Co leaves blockchain consortium R3. Reuters.
  7. Calypso, R3 and five financial institutions develop trade matching application on Corda DLT platform. PR Newswire.
  8. Blockchain for business. Corda.