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.
As of April 25, 2016, three additional financial companies had joined:[14] SBI Holdings of Japan, Hana Financial of South Korea, and Bank Itau of Brazil.
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.[15]
References
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