Around the world banks are optimistic they can save billions of dollars by utilising blockchain. UBS, HSBC and wealth fund Temasek are among the latest high profile investors into the financial technology.
Financial technology firm R3 has completed the first two of three tranches in its Series A fundraising round, securing $107 million in the world’s largest distributed ledger technology (DLT) investment to date. R3 is the largest consortium of global financial institutions working to develop a platform and commercial applications for DLT.
Since the launch of its DLT initiative in September 2015, R3 has grown from a staff of eight finance and technology veterans with nine bank members to a global team of over 110 professionals serving over 80 global financial institutions and regulators on six continents.
Big Names Support
Among the latest group of investors are Credit Suisse, UBS and Singapore fund Temasek. Australian banks Westpac and Commonwealth Bank are also in.
Commenting on his institutions participation Hyder Jaffrey, Head of Strategic Investment and Fintech Innovation at UBS Investment Bank said: «Having been an active part of the R3 journey from the very start, it is rewarding to see the initiative and the technology taking shape. R3 is now uniquely positioned to deliver on this promise.»
High Profile Exits Too
The latest fund raising comes after some major backers, including leading global banks such as Goldman Sachs, and J.P. Morgan Chase, decided to jump ship.
«This investment is unprecedented. Many of the world’s largest financial firms have come together not just with capital support, but with a robust commitment to work with R3 in developing industry solutions that will be the building blocks of the new financial services infrastructure. We’ve got unparalleled momentum,» said David E. Rutter, CEO of R3.
