R3’s Blockchain Group Grows to 42 Banks

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Financial innovation company R3 has concluded its Blockchain bank membership round with the addition of 12 new banks, bringing the total number to 42.

Since its September launch, the company has seen a groundswell of interest in the consortium from financial services companies around the world. Having built a network that includes most of the world’s major global banks, and with the window for the admission of new bank members having closed under the consortium’s formative agreement, R3 will now focus efforts on broader engagement with a diverse range of institutions outside of the banking industry.

As part of that initiative, R3 is considering options for participation in the consortium by various categories of non-bank institutions after the first of the year.

David Rutter, CEO of R3 comments:

“Partnering with a broad range of institutions has always been central to our strategy of developing distributed ledger technologies that will truly benefit the financial services industry as a whole. Securing the backing of 42 of the world’s leading banks demonstrates the level of interest in our initiative, and we now look forward to exploring collaboration with non-bank institutions and expanding our already diverse group.”

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 are the most recent banks to join the consortium tasked with designing and applying distributed ledger technologies to global financial markets.

“R3 has long believed that distributed ledger technology has the potential to impact the financial services sector the way the Internet changed media and entertainment,” added Rutter.

“Yes, that’s a big statement, but there is increasing evidence to support it. When you look across the industry, the possible applications of these innovative solutions cut across asset classes, geographies and market participants. Ultimately, these technologies will benefit not just financial services firms, but their clients and end-users as well. We’re very excited to be at the epicenter of this global evolution.”

Led by R3, the initiative is designing and developing commercial products and financial-grade distributed ledger solutions that incorporate various open source technologies and standards.

Richard Kastelein

About Richard Kastelein

Founder, Publisher and Editor in Chief of Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC, Richard Kastelein is also an advisor with a number Blockchain startups doing ICOs including DECENT.ch, Inchain, Humaniq, Chronobank, eGaas and others.

He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List. As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven etc, where he helped spread the cause for Blockchain technology and crypto-currency and, consequently, has built a notable network inthe scene.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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