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R3 (R3 LLC) is an enterprise blockchain technology company.[1] It leads an ecosystem of more than 300[2] firms working together to build distributed applications on top of Corda (known as CorDapps) for usage across industries such as financial services, insurance, healthcare, trade finance, and digital assets. [3] It is headquartered in New York City. It was founded in 2014 by David E Rutter. The current CTO is Richard G Brown.

Contents

CordaEdit

R3 made its blockchain platform, Corda, open source in November 2016.[4] - David Rutter

HistoryEdit

The consortium started on September 15, 2015 with nine financial companies:[5][6][7][8] Barclays, BBVA, Commonwealth Bank of Australia, Credit Suisse, Goldman Sachs, J.P. Morgan,[citation needed] Royal Bank of Scotland, State Street, and UBS.

On September 29, 2015 an additional 13 financial companies joined: Bank of America, BNY Mellon, Citi, Commerzbank, Deutsche Bank, HSBC, Mitsubishi UFJ Financial Group, Morgan Stanley, National Australia Bank, Royal Bank of Canada, Skandinaviska Enskilda Banken, Société Générale, and Toronto-Dominion Bank.[citation needed] Financial Times reporter Kadhim Shubber wrote that the new additions are "a sign the industry is gathering behind R3 in one potential implementation of the distributed ledger technology behind the cryptocurrency bitcoin."[9]

On October 28, 2015 an additional three financial companies joined:[10] Mizuho Bank, Nordea, and UniCredit.

On November 19, 2015 an additional five financial companies joined :[11]BNP Paribas, Wells Fargo, ING, Macquarie Group and the Canadian Imperial Bank of Commerce.

On December 17, 2015, an additional 12 financial companies joined :[12]BMO Financial Group, Danske Bank, Intesa Sanpaolo, Natixis, Nomura, Northern Trust, OP Financial Group, Banco Santander, Scotiabank, Sumitomo Mitsui Banking Corporation, U.S. Bancorp and Westpac Banking Corporation.

Toyota Financial Services joined in June[13] and MetLife joined in August 2016.[citation needed]

In November 2016, Goldman Sachs, Santander and Morgan Stanley each withdrew from the consortium.[14] On December 14, 2016, Credicorp becomes the first Spanish-speaking Latin American member of R3.[15][non-primary source needed]

In April 2017, JPMorgan Chase quit R3.[citation needed]

On May 23, 2017, R3 publicly announced that it had secured the largest ever investment for distributed ledger technology with USD 107 million as part of its Series A funding round, from over 40 institutions, spanning over 15 countries globally.[16]

Also in May 2017, the Bank of Canada and Payments Canada, as well of some Canadian chartered banks, announced the results of a year-long trial of R3 consortium's DLT (Distributed Ledger Technology) which will not be adopted at this time for reasons of transaction privacy and scalability.[17]

R3 has been represented by fintech PR firm, Chatsworth Communications, since launch.[18]

In August 2017, The Colombian central bank Banco de la República Colombia partnered with R3 consortium for the testing of Corda.[citation needed]

In September 2017, R3 sued Ripple for specific performance of an option agreement in which Ripple agreed to sell up to five billion XRPs for a price of $.0085. Ripple countersued, claiming that R3 reneged on a number of contractual promises, and was simply acting in a spirit of opportunism after the cryptocurrency soared more than 30 times over. A Delaware judge ruled in favor of Ripple, but the case will continue in California and New York.[citation needed]


On December 6, 2017, Amazon Web Services (AWS) announced a partnership with R3 to allow the company's Corda platform to become one of the first ever distributed ledger technology solutions on the AWS. Corda allows users to deploy DApps onto the AWS platform and to create new apps directly.[citation needed]

In March 2018, Credit Suisse and ING completed the first live securities lending transaction worth €25 million using an application from HQLAx, a financial technology firm, that was built on Corda.[19]

In April 2018, Finastra launched the first live application on R3's Corda. Fusion LenderComm is a blockchain-powered platform for syndicated loans.[20]

See alsoEdit

ReferencesEdit

  1. ^ Nathaniel Popper (August 28, 2015). "Bitcoin Technology Piques Interest on Wall St". The New York Times.
  2. ^ Clark, Joel. "Blockchain Initiative of the Year 2018: The Nominees". Financial News. Dow Jones. Retrieved 26 April 2018.
  3. ^ https://www.r3.com/corda-platform/
  4. ^ Kelly, Jemima. "Exclusive: Blockchain platform developed by banks to be open-source". Reuters UK. Retrieved 2016-10-20.
  5. ^ Oscar Williams-Grut (September 15, 2015). "JPMorgan, Barclays & others join R3 on blockchain project". Business Insider.
  6. ^ Jemima Kelly (September 15, 2015). "Nine of world's biggest banks join to form blockchain partnership". Reuters.
  7. ^ Paul Vigna (September 15, 2015). "BitBeat: Wall Street, City Banks Join Blockchain-Focused Consortium". The Wall Street Journal.
  8. ^ Ian Allison (September 16, 2015). "Blockchain expert Tim Swanson talks about R3 partnership of Goldman Sachs, JP Morgan, UBS, Barclays et al". International Business Times.
  9. ^ Kadhim Shubber (September 29, 2015). "Blockchain initiative pulls in another 13 banks". Financial Times. The addition of the banks, which also include HSBC, BNY Mellon, Deutsche Bank and seven others, is a sign the industry is gathering behind R3 in one potential implementation of the distributed ledger technology behind the currency bitcoin.
  10. ^ Jemima Kelly (October 28, 2015). "Three banks join R3 blockchain consortium taking total to 25". Reuters.
  11. ^ Jemima Kelly (November 19, 2015). "R3 blockchain group adds 5 banks, brings in technology heavyweights". Reuters.
  12. ^ "R3's distributed ledger initiative grows to 42 bank members and looks to extend reach to the broader financial services community" (PDF). R3 (company).
  13. ^ "Toyota Financial Services joins R3 distributed ledger consortium". International Business Times. Retrieved July 12, 2016.
  14. ^ https://blogs.wsj.com/cio/2016/11/22/morgan-stanley-plans-to-drop-out-of-r3-blockchain-group/
  15. ^ "Credicorp joins R3 distributed ledger consortium". R3. Retrieved 2016-12-15.
  16. ^ "Corda | Home" (PDF). www.corda.net. Retrieved 2018-12-21.
  17. ^ https://www.theglobeandmail.com/report-on-business/rob-commentary/could-dlt-underpin-an-entire-wholesale-payment-system/article35106771/
  18. ^ "Chatsworth to represent global banking group on Bitcoin tech research". Retrieved 2017-07-19.
  19. ^ Irrera, Anna. "Banks complete 25 million euros securities transaction on blockchain platform". Reuters. Retrieved 26 April 2018.
  20. ^ Wass, Sanne. "Blockchain solution for syndicated loans becomes first app to go live on R3's Corda". Global Trade Review. Retrieved 26 April 2018.

External linksEdit