Not all blockchain firms are the same, with different banks backing different ventures to exploit the technology as Goldman Sachs, one of nine original members of R3, the blockchain group founded in 2014 to explore the use of the distributed database technology in Wall Street infrastructure dropped out as of Oct. 31, the WSJ reports.
A spokesman told the media:
“Developing technology like this requires dedication and significant resources, and our diverse pool of members all have different capacities and capabilities which naturally change over time.”
R3 currently includes 70 members such as Bank of America Corp., J.P. Morgan Chase, and State Street Corp.
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Update 1 – 23 November 2016
Banco Santander SA also recently dropped out, Reuters reported.
Update 2 – 23 November 2016
Morgan Stanley does not plan to renew its membership in the R3 CEV LLC blockchain group or invest in a $150 million equity funding round meant to speed the technology’s development, a person familiar with the bank’s plans said, WSJ reported.