Santander Latest to Drop from R3CEV Blockchain Consortium
In less than a day of Goldman Sachs' departure, Santander has made its decision to separate from R3 consortium public. Banco Santander (BME:SAN) has become the latest financial institution to exit R3CEV’s much marketed blockchain consortium. Only less than 24 hours ago, American multinational Goldman Sachs (NYSE:GS) had confirmed dropping out of the aforementioned Wall Street blockchain league. The company, in its press statement, had cited its indifferences with R3 members regarding the upcoming equity funding round as its major reason to dropout from the group. It has been published that....
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Several multi-billion dollar banks including Goldman Sachs, Santander and Morgan Stanley have officially left the R3 blockchain consortium, an organization established by R3CEV to focus on the development of industry standard blockchain-based systems. R3 CEV Shake Up Sees Member Banks Leave Consortium. A few days after Goldman Sachs’ bailout was....
Spanish banking giant Banco Santander is no longer a member of the R3 blockchain consortium, CoinDesk has learned. The news comes hours after it was revealed that Goldman Sachs, one of the original 12 members of the consortium effort, would depart the group. At press time, Goldman Sachs has not yet stated its reason for leaving, though it is known R3 is now soliciting as much as $150m in funding from its members. A spokesperson for Santander was similarly tight-lipped about the bank's decision to leave, indicating he could not provide more details about its departure. He told CoinDesk:....
After a week of rumors and speculation, this much we know: Goldman Sachs, Banco Santander and Morgan Stanley (most likely) have left R3CEV. The departures by three of the blockchain consortium's larger members is being taken by some as a sign that blockchain enthusiasm is waning, and consortia are losing influence. Neither viewpoint is accurate. While we are not privy to the closed-door meetings that led to the respective decisions (which are apparently unrelated), we can deduce that the banks did not leave because they no longer believe in blockchain tech. Between them, they have....
Apparently, the competition in the Blockchain business industry is heating up. Goldman Sachs, one of the original members of R3 Consortium, and Banco Santander announced that they will no longer continue exploring the potential of Blockchain technology as members of the consortium. Reasons for the firm’s decision to discontinue their connections with R3 Consortium remain unclear, as well as whether these decisions are somehow connected. Kristian Gårder, a representative from Nordic R3 member SEB, says: “Members will obviously worry if some R3 members seek patents that we have discussed....
This article has been updated with additional information. Twelve additional banks have joined the blockchain consortium led by startup R3CEV. New entrants to the group include Banco Santander, Danske Bank, Intesa Sanpaolo, Natixis, Nomura, Northern Trust, OP Financial Group, Scotiabank, Sumitomo Mitsui Banking Corporation, US Bancorp, Westpac Banking Corporation and BMO Financial Group. The consortium, announced in September, is focused on proof-of-concept experimentation and the development of standards for blockchain tech. Its creation followed a series of workshops and meetings....