CLS Invests $5 Million in Blockchain Consortium R3
News

CLS Invests $5 Million in Blockchain Consortium R3

R3, a New-York-based blockchain consortium has received an investment of 5 million USD from a provider of foreign exchange settlement and processing, CLS. As per the deal, CLS will have a seat on the Board of Directors of R3.

The arrangement reportedly comes as a part of the third tranche of the R3’s fundraiser
which additionally included financing from Japanese IT services provider TIS and Singapore real estate firm OUE. The CEO of R3, David Rutter shared his eagerness about prime infrastructure player’s contribution in utilizing blockchain technology to enhance their products:

“It is absolutely right that major infrastructure players like this look to technologies such as blockchain to continue making their products and services faster, easier, safer and more cost-effective for the end user.”

R3, which was launched in the year of 2015, reportedly finished the initial two tranches of its fundraising around a year back, pulling in 107 million USD from more than 40 technology and financial companies. R3 built up a sort of distributed ledger technology called Corda. At present, it is being tested with the consortium’s members. At first, sponsored by nine huge investment banks, its membership has grown to more than 80 financial institutions.

The chief strategy and development officer at CLS, Alan Marquard Reuters that the organization looks forward “to working in collaboration with other members to explore how CLS can provide transformative blockchain-based solutions.”

In March, it was revealed that R3’s Corda blockchain platform effectively finished the first live transaction of €25 million (around 30 million USD) in securities between Swiss-based Credit Suisse and Dutch-based ING financial service groups

R3 Blockchain consortium announced in February that they will create a Legal Center of Excellence. Here a team consisting of ten law firms will teach legal advisors globally about new blockchain technology and let them take an interest in Corda training workshops for attorneys.

Leave a Response

Madhuri Arora
A passionate writer and an avid reader. I love watching action and superhero movies. Love food, music, travel and games.