Why Goldman Sachs did drop out of R3? (As Well As Santander and Morgan Stanley)

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.

Find out more here.

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.

 

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s