9 Major Investment Banks Team Up for Blockchain Tech Initiative
Blockchain tech has been explored by a number of banks and financial institutions in the past few months, but the news that nine of the biggest names in the industry are teaming up to work on this initiative marks a huge leap forward. Among the group are JPMorgan, Goldman Sachs, Barclays, UBS, and Credit Suisse. In line with this, the group will be working with a blockchain tech startup called R3CEV, which is a New York-based company comprised of trading and technology executives. Blockchain Tech in Finance. Blockchain refers to the distributed public ledger of bitcoin transactions that is....
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Nine major investment banks including J. P. Morgan Chase and Goldman Sachs have partnered with distributed ledger startup R3CEV. The partnership will see collaborative efforts between the institutions take shape, work that will include the development of standards for using blockchain technology within the broader financial industry. The banking group includes Credit Suisse, State Street, UBS, Commonwealth Bank of Australia, BBVA, Barclays and Royal Bank of Scotland. Many on the list have previously announced independent efforts to study blockchain tech, and the banks are said to be....
The international R3 blockchain project to develop blockchain commercial applications and standards for the financial world just got a whole lot weightier as 13 new global banks joined the distributed or "shared" ledger initiative. R3, the international financial innovation firm, based in New York, London and San Francisco, is a multidisciplinary team including experts from the worlds of electronic banking, new tech startups, and cryptography and digital currencies development, aiming to "define, design and deliver the next generation of financial technology." The 13 new banks joining the....
At the end of Barclays' 13-week fintech accelerator program, the bank announced that it signed contracts with eight participating companies, two of which are involved in blockchain tech. The Flatiron District in New York has been home to the newly-launched Rise fintech laboratory, following Barclays' initiative in London a few months back. "We've done it in London, invested heavily over the past two years to connect the ecosystem there, and we're doing it now in New York City," said Derek White, Barclays chief design and innovation officer to the New York Business Journal. Rise of....
A group of Japanese banks and technology companies, including Orix, Shizuoka Bank, NTT Data and NTT DoCoMo Ventures, have formed a new blockchain research initiative. Announced today, the news marks the latest move by members of Japan's finance and technology sectors to embrace or experiment with blockchain technology. As a result of the announcement, NTT Data, a professional services firm with a focus on IT consulting, will work with digital currency startup Orb to research the technology with the initiative's partners. Orix and Shizuoka, the banks involved with the project, said they....
Dubai’s government is testing blockchain tech for trade finance in partnership with IBM. Dubai Customs, the emirate’s customs office, and Dubai Trade, an electronic trade services hub operated by the government, are helping spearhead the initiative, announced today. Several private companies are involved, including Emirates NBD and Banco Santander, two major banks that have tested the tech in the past. Du, a UAE-based telecom, and Aramex, a shipping and logistics firm headquartered in Dubai, are also taking part in the trade finance test, along with an as-yet-unnamed airline carrier. On....