JPMorgan Formally Abandons The Blockchain R3 Consortium.
JPMorgan Chase has formally left the Blockchain R3 consortium, following in the footsteps of fellow titans Goldman Sachs and Santander Bank who split last November.
JPMorgan was one of the nine original members of R3, which has seen since its ranks swell to more than 70 of the largest players in the financial services industry.
The exit comes as R3 continues to seek fundraising efforts, seeking to raise $ 150 million of its members and strategic investors in exchange for a 60% stake in the business, a downgrade of its original target of $ 200 million.
Other institutions that are rumored to have jumped from the ship since the rounds of term sheets for the first time include Morgan Stanley and National Australia Bank.
Charley Cooper, managing director of R3, confirmed the news of the departure of JPMorgan: “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.”
JPMorgan is a founding member of the Etherprise Eethereum Alliance, which favors the development of corporate grade technology on the open source blockchain platform. The bank has also developed its own DLT platform, the quorum of the call, which is making waves within the Hyperledger movement of the Linux foundation.
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