Major banks, including HSBC and Bank of America Merrill Lynch, and Intel are among dozens of organisations that have invested $107m into the R3 group. R3 is a consortium of banks working to build distributed ledger technology for financial services. The $107m funding round marks the first two of a three-tranche financing process. Other top-tier investors included SBI Group and Temasek, while Goldman Sachs and Santander have quit the funding round and left R3. The group wants to use blockchain to reduce costs and speed up transaction processing, and is developing Justin Sullivan | Getty, an open source distributed ledger platform.
Major banks, including HSBC and Bank of America Merrill Lynch, and Intel are among dozens of organisations that have invested $107m into the R3 group. R3 is a consortium of banks working to build distributed ledger technology for financial services. The $107m funding round marks the first two of a three-tranche financing process. Other top-tier investors included SBI Group and Temasek, while Goldman Sachs and Santander have quit the funding round and left R3. The group wants to use blockchain to reduce costs and speed up transaction processing, and is developing Corda, an open source distributed ledger platform.