R3 (R3CEV)

R3 (R3CEV LLC) is an enterprise software company founded in 2015 and headquartered in New York. Its blockchain platform Corda allows businesses to manage secure transactions directly between parties without any leakage of transactions to other participants in the network.[1] R3 currently offers two products:

  • Corda
  • Conclave

R3 began as a consortium of nine major banks.[2] The consortium grew as more financial institutions sought to explore how blockchain could address inefficiencies in the ageing network of bank payments and settlements.[3] Its shareholders include Bank of America Merrill Lynch, HSBC, Barclays, ING, UBS, Credit Suisse, RBS, Royal Bank of Canada, and Wells Fargo.[4]

In 2017, R3 and Ripple Labs sued each other over cryptocurrency options worth more than $1bn.[5] The companies reached a settlement in September 2018.[6]

References
  1. Graphics, WSJ com News. "AI, Blockchain and Cybersecurity Startups Dominate 2018 Tech Companies to Watch List". WSJ. Retrieved 2021-01-04.
  2. "Blockchain initiative backed by 9 large investment banks | Financial Times". www.ft.com. Retrieved 2021-01-04.
  3. "Blockchain initiative pulls in another 13 banks | Financial Times". www.ft.com. Retrieved 2021-01-04.
  4. "CBA, Westpac back R3 blockchain capital raising". Australian Financial Review. 2017-05-23. Retrieved 2021-01-04.
  5. "Blockchain groups in $1bn cryptocurrency battle | Financial Times". www.ft.com. Retrieved 2021-01-04.
  6. "Ripple, R3 Reach Settlement in Multibillion Dollar Cryptocurrency Lawsuit". finance.yahoo.com. Retrieved 2021-01-04.

R3
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