Nine largest global banks to apply blockchain to financial markets
Blockchain technology continues to draw powerful admirers including Goldman Sachs, Barclays, BBVA, Commonwealth Bank of Australia, Credit Suisse, JPMorgan, State Street, Royal Bank of Scotland, and UBS. World's most powerful banks have joined hands to work on the formulation of industry standards and protocols based on the blockchain technology for their mainstream applications in the financial markets. The partnership will be led by a startup R3 which is being led by Wall Street expert David Rutter. R3 describes itself as an innovation firm focused on building and empowering the next....
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The global consortium of major banks and financial institutions looking to tap into block chain technology and headed by New York-based technology firm R3 has five more banks joining the ranks, bringing to a total that now figures 30 global banks. Blockchain startup R3's initiative to use blockchain technology in financial markets now has five more participants in a group that contains the world's biggest banks. BSNP Paribas, the Canadian Imperial Bank of Commerce, ING, MacQuaire and Wells Fargo are the newest members in the consortium that now stands at 30 global financial institutions in....
The goal of the R3 Consortium to form a global partnership to design and apply blockchain’s distributed and shared ledger-inspired technologies to financial markets got a boost as it adds its first African institution to its membership. South Africa’s Absa Bank Ltd, a member of the Barclays Africa Group Limited, is the first African banking group to join the global R3 blockchain consortium which has already partnered with some of the world's leading banks to design and deliver advanced distributed ledger technologies to global financial markets. Absa will collaborate with other SA banks.....
Systemic risk in the financial world has increased in recent years due to the interconnected nature of global financial markets. Could the blockchain make a difference in reducing risk associated with failure of global players? Lehman Brothers and Systemic Risk. The collapse of Lehman Brothers in 2008 shook global financial markets. It reduced investor confidence in banks and contributed to recessions across the world. Interbank lending froze as banks did not have the confidence to place even overnight deposits in their fellow banks. When the fortunes of firms can change in a matter of....
Hana Financial Group, a large bank holding company that specializes in a multitude of financial services including banking has now joined the financial blockchain consortium led by R3. Global private blockchain consortium R3 sees its first Korean financial institution join its ranks with the inclusion of South Korea’s Hana Financial Group. In a report by Korea Herald, the financial group revealed its intention to apply blockchain technology into its roster of services including global transactions and security protection. The reason for its foray into distributed ledger technology....
In September Bitcoin Magazine reported that nine global banks were pooling resources to fund R3, a next-generation global financial services company focused on applications of cryptographic technology and distributed ledger-based protocols within global financial markets. Several other top banks joined R3 soon thereafter, and five more banks - ING, BNP Paribas, Wells Fargo, MacQuarie and the Canadian Imperial Bank of Commerce - joined in November. R3 is a next-generation global financial services company focused on applications of cryptographic technology and distributed ledger-based....