Difference between revisions of "R3"

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{{Infobox_Company  <!-- Feel free to remove comments like this when you add real info -->
 
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| company_name =  R3
 
| company_name =  R3

Revision as of 16:02, 7 July 2018


R3
R3 logo.jpg
Founded 2014
Headquarters London, England, UK
Key People David Rutter, Founder and CEO
Employees 50-200
Products Distributed Ledger Technology including Corda
Twitter @insider3
LinkedIn Profile

R3 is a financial firm that leads a consortium partnership that works with over 100 of the world's leading financial institutions to design and deliver distributed ledger technologies to the global financial markets.[1] It was founded in 2014 by nine banks including Goldman Sachs, Credit Suisse, JP Morgan and others with the goal of applying blockchain technology to commercial markets.[2]

At the end of 2016, R3 was hit by several big departures, beginning with the exit of Goldman Sachs, followed by Santander and JPMorgan.[3][4] R3 responded by adding ABN AMRO, Fifth Third Bank, insurance provider Suncorp Group and financial services company Synchrony Financial to the group.[5]

History

R3 had initially planned to raise $200 million from members and give them a 90 percent stake in a new company. But in November of 2016, it lowered the target and said members would get a 60 percent stake in R3.[6]

R3 has faced controversy in the past regarding its use of the word "blockchain." The company had originally marketed itself as a "blockchain startup," when in fact this was a misnomer; the technology they were developing was not actually a blockchain, though it was a distributed ledger. In early 2017 they changed the language on their company website to correct this mistake.[7]

In April of 2017 Calypso Technology teamed up with R3 to provide five financial institutions with trade matching services. The service integrates Calypso’s cloud application and R3’s Corda platform to carry out real-time trade matching tests across four time zones.[8]

Products and Services

R3 developed Corda, an open-source distributed ledger project designed to build an inter-operable network of distinct blockchain networks that are able to transact between each other privately.[9]

Key People

References