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R3 (company)

From EverybodyWiki Bios & Wiki

R3 (R3 LLC) is an American company that designs and develops enterprise software, including blockchain technology. It is headquartered in New York City. It was founded in 2014 by CEO David E Rutter.[1]


R3's blockchain platform Corda records, manages and synchronises financial agreements and standardises data and business processes.[2]

R3 made Corda open source in November 2016,[3] allowing the global developer community to contribute to it, build on top of it and to drive its design and adoption.[4]


R3 began as a consortium of financial services companies. 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, 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. 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.[14]

In November 2016, Goldman Sachs, Santander and Morgan Stanley each withdrew from the consortium.[15]

In April 2017, JPMorgan Chase quit R3.[16]

On May 23, 2017, the Financial Times reported that R3 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.[17]

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. In September 2018, R3 and Ripple reached a settlement of all outstanding litigation.[18]

See also[edit]

  • Tech companies in the New York metropolitan area


  1. "Bloomberg - R3 company profile". www.bloomberg.com. Retrieved 2020-09-18. Unknown parameter |url-status= ignored (help)
  2. "CBA, Westpac back R3 blockchain capital raising". Australian Financial Review. 2017-05-23. Retrieved 2020-03-10.
  3. Kelly, Jemima. "Exclusive: Blockchain platform developed by banks to be open-source". Reuters UK. Retrieved 2016-10-20.
  4. "R3 Blockchain Opens to All". Fortune. Retrieved 2019-11-27.
  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 blockchain consortium : 12 new banks including Santander and Danske Bank join JPMorgan, Barclays and HSBC in blockchain experimentation". City AM. Unknown parameter |url-status= ignored (help)
  13. "Toyota Financial Services joins R3 distributed ledger consortium". International Business Times. Retrieved July 12, 2016.
  14. "MetLife joins R3 distributed ledger consortium". www.ibtimes.co.uk. Retrieved 2019-12-05.
  15. "Morgan Stanley Plans to Drop Out of R3 Blockchain Group". WSJ. 2016-11-22. Retrieved 2020-07-16.
  16. "JPMorgan Chase & Co leaves blockchain consortium R3". Reuters. 2017-04-27. Retrieved 2019-12-05.
  17. "Blockchain consortium raises record $100m". www.ft.com. Unknown parameter |url-status= ignored (help)
  18. "Ripple and R3 settle legal dispute". Finextra Research. 2018-09-11. Retrieved 2019-12-02.

External links[edit]

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