JP Morgan Leaves R3 Blockchain Consortium

Blockchain, FinTech, Group, Innovation, Investing, News | May 1, 2017 By:

JPMorgan Chase & Co is the latest large bank to leave the R3 blockchain consortium, which focuses on blockchain use in the global financial system. JPMorgan’s exit follows the departure of Goldman Sachs, Morgan Stanley and Santander late last year.

“JPMorgan parted ways with R3 to pursue a very distinct technology path which is at odds with the one chosen by the global financial services industry, represented by our 80-plus members,” said R3 managing director Charley Cooper.

The R3 consortium, which counts about 80 financial institutions as members, is currently in the process of a fundraising drive to raise $150 million from its members and strategic investors in return for a 60 percent stake in the business.

JP Morgan, the largest bank in the United States, joined the consortium in September 2015, along with nine other investment banks, including UBS, Royal Bank of Scotland, Barclays, and BBVA.