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12 More Banks Join Blockchain Consortium R3

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Twelve additional banks have joined the blockchain consortium led by startup R3CEV.

New entrants to the group include Banco Santander, Danske Bank, Intesa Sanpaolo, Natixis, Nomura, Northern Trust, OP Financial Group, Scotiabank, Sumitomo Mitsui Banking Corporation, US Bank, Westpac Bank and the Bank of Montreal.

The consortium, announced in September, is focused on proof-of-concept experimentation and the development of standards for blockchain tech. Its creation followed a series of workshops and meetings conducted with banks, some of which later signed on to the group.

The consortium’s membership has grown since the first nine members were announced in the fall. In the past few months, 33 more banks have joined the initiative. With the new entrants, the total number of banks involved with the consortium rises to 42.

R3 indicated that its “initial window” for membership into the consortium has closed, but said that in 2016 it will seek to work with non-bank financial institutions and groups.

The firm struck a positive tone, pointing to broadening support for the technology among the world’s banks, some of which are conducting their own investigations in tandem with the consortium’s work.

R3 CEO David Rutter said that the possible applications of these its solutions will “cut across asset classes, geographies and market participants”.

He added in a statement:

“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 forefront of this global evolution.”

Building blocks image via Shutterstock

Blockchain TechnologyR3CEVSantanderWestpac

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Nagaraju Tadakaluri
Nagaraju Tadakaluri is a Professional Web Designer, Freelance Writer, Search Engine Optimizer (SEO), Online Marketer, Multi Level Marketer (MLM) and Business Promoter. Have developed Latest Updates in hopes to educate, inform and inspire.

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