More banks to opt out of R3 blockchain consortium
Should I stay or should I go
US Bancorp, Macquarie and JP Morgan are understood to be in the “leave” camp as they have opted out of the upcoming fundraising effort of the R3 blockchain consortium.
According to a post on the PasteBin website, the three banks are following in the footsteps of Goldman Sachs, Santander, Morgan Stanley and National Australia Bank (NAB) – which decided to abandon R3 and pursue their own blockchain interests.
In the “remain” camp are the following banks, according to PasteBin:
- ING plans to invest $3.5 million (subject to internal approvals; as is the case with the banks and sums listed below)
- Bank of America – $2.5 million
- Barclays – $2.5 million
- BBVA – $2.5 million
- Credit Suisse – $2.5 million
- HSBC – $2.5 million
- Intesa Sanpaolo – $2.5 million
- Natixis – $2.5 million
- SEB – $2.5 million
- Société Générale – $2.5 million
- UBS – $2.5 million
- Wells Fargo – $2.5 million
- Westpac – $2.5 million
- State Street – $2 million
- Bank of Montreal (BMO) – $1 million
- Scotiabank – $1 million
- Bank of Tokyo-Mitsubishi UFJ – $1 million
- BNP Paribas – $1 million
- BNY Mellon – $1 million
- CIBC – $1 million
- Citigroup – $1 million
- Commerzbank – $1 million
- Commonwealth Bank of Australia (CBA) – $1 million
- Danske Bank – $1 million
- Deutsche Bank – $1 million
- Mizuho Bank – $1 million
- Nomura – $1 million
- Nordea – $1 million
- Northern Trust – $1 million
- OP Financial Group – $1 million
- Royal Bank of Canada (RBC) – $1 million
- Royal Bank of Scotland (RBS) – $1 million
- Sumitomo Mitsui Banking Corporation – $1 million
- TD Bank – $1 million
- Unicredit – $1 million
R3 hopes to raise $150 million in this funding round from its original bank members. In return, R3 is offering a 60% stake in the company, it is understood. The money will be raised in stages over the next nine to 12 months.
If the target sum is not reached, R3 is likely to go beyond the original bank members and tap into the coffers of other strategic investors, such as technology companies.
