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Three banks join R3 blockchain consortium taking total to 25

Published 2015-10-28, 10:00 a/m
© Reuters. Three banks join R3 blockchain consortium taking total to 25
JPM
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HSBA
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NXGN
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By Jemima Kelly
LONDON, Oct 28 (Reuters) - Japan's Mizuho Bank 8411.T ,
Italy's UniCredit and Stockholm-based Nordea NDA.ST
have joined a global consortium of banks led by financial tech
firm R3 that is working on a framework for using blockchain
technology in markets, the firm said on Wednesday.
Most of the world's biggest banks, with the exception of
Chinese lenders, have now signed up to the initiative. It
represents the first time banks have collaborated on how the
technology that underpins bitcoin, a controversial, web-based
"cryptocurrency", can be used in finance. ID:nL5N11L33H
The three banks announced on Wednesday join 22 others,
including JPMorgan (N:JPM), HSBC HSBA.L and Citi, taking
the total to 25.
"We have been inundated with interest in this project from
banks across the world since launching with an initial nine
institutions just over a month ago," said New York-based R3's
CEO David Rutter, formerly CEO of electronic trading at ICAP (L:IAP),
one of the world's largest interdealer brokers.
The blockchain works as a huge, decentralised ledger of
every bitcoin transaction ever made, which is verified and
shared by a global network of computers and therefore is
virtually tamper-proof. The Bank of England has a team dedicated
to it and calls it a "key technological innovation".

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