Report: Morgan Stanley Might Leave R3 Blockchain Consortium
Morgan Stanley could be the latest bank to join the ranks with Goldman Sachs and Banco Santander to leave the R3 blockchain consortium, a report has revealed. According to the Wall Street Journal, Morgan Stanley does not plan on renewing its membership with R3, nor does it intend to invest in the New York-based blockchain startup’s reported $150 million round of equity funding. As reported yesterday, R3 has lowered its fund-raising target from $200 million to $150 million for its first major round of equity funding, while modifying the structure of the deal offered to its member banks. For....
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A new Morgan Stanley report aimed at assessing whether blockchain is a threat to big banks agues that the short-term benefits of the technology are likely minimal, but that future growth is likely. Published yesterday, the report features a timeline of when Morgan Stanley predicts certain blockchain milestones will be reached. Culminating in 2025, Morgan Stanley identifies 10 roadblocks to banks integrating blockchain. However, the report includes language that suggests the global investment bank may be seeking to understand how blockchain tech may impact its portfolio or perhaps its own....
Morgan Stanley is said to be pulling out of the R3CEV blockchain consortium, according to reports. Reuters and The Wall Street Journal indicate that the bank doesn't plan to take part in the startup's ongoing funding effort, aimed at raising $150m. Earlier this week, it was revealed that Goldman Sachs and Banco Santander had moved to withdraw from the consortium, though at press time, neither bank has publicly commented on the reasons for their exits. Departures aside, the consortium is pushing forward, as most of the R3 member banks are said to be planning to invest in the funding round.....
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....
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