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Blockchain Consortium R3CEV Looking for New Funding

R3CEV LLC, a blockchain technology company that leads a consortium of 42 financial companies in research and development of blockchain usage in the financial system, seeks fresh funding of $200 million in funding to develop a utility-based banking service using blockchain tech. It aims to accrue this by selling stakes in the resultant product.

Though R3 plans to spin off the utility, it will retain control of its blockchain development lab and all commercial products that are created in it. The consortium has the support of more than 40 of the world’s largest banks and released its plans for Corda, a distributed ledger platform, in April. Corda is thought of by the consortium as a blockchain with a difference. That difference is the fact that it was designed with regulation and compliance in mind.

News Characteristics

Date : May 13, 2016
Region : North America
Industry : Banks
Function : Operations and IT
Sub-Function : IT Modernization/Transformation