R3 Consortium Raises $107 Million from Major Global Banks

R3 has just announced the completion of the first two of three tranches in its Series A fundraising round, securing $107 million in the world’s largest Distributed Ledger Technology (DLT) Distributed Ledger Technology (DLT) A distributed ledger or distributed ledger technology (DLT) is a database that is shared and synchronized across a number of different devices in different locations. DLT networks effectively eliminate the need for a centralized authority to act as the network’s custodian. In its place is a Peer-to-Peer (P2P) network as consensus algorithms to ensure replication across nodes is undertaken.The most common kind of distributed ledger network is a blockchain network. Blockchain networks are used to A distributed ledger or distributed ledger technology (DLT) is a database that is shared and synchronized across a number of different devices in different locations. DLT networks effectively eliminate the need for a centralized authority to act as the network’s custodian. In its place is a Peer-to-Peer (P2P) network as consensus algorithms to ensure replication across nodes is undertaken.The most common kind of distributed ledger network is a blockchain network. Blockchain networks are used to Read this Term) investment to date.

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The first two tranches of the Series A round were made available only to R3 members, while the third and final tranche – which opens later this year – will be accessible to R3 members and non-R3 institutional investors.

R3 explains that it will use the funds to accelerate technology development and expand strategic partnerships for product deployment. The company’s efforts will be focused on Corda, R3’s Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term platform for regulated financial institutions, and its infrastructure network.

David E. Rutter, CEO of R3, comments: “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.

R3 has proven the collaborative model can successfully drive innovation in financial services to a degree never before seen,” continues Rutter. “In the space of less than two years, we have built a network of over 80 members, launched an open-source distributed ledger platform specifically for wholesale financial markets, conducted over 60 detailed use cases across a variety of asset classes, led the way in regulatory engagement on behalf of the broader DLT community and are ahead of schedule for initial commercial deployments this year. We are on our way to becoming a new operating system for financial services.”

Investors come from across Europe, Asia-Pacific and the Americas, counting over forty participants from over 15 countries. These include:

• Banco Bradesco
• Itaú Unibanco S.A.
• Bangkok Bank
• Mitsubishi UFJ Financial Group (MUFG)
• Bank of America Merrill Lynch
• Mizuho
• Bank of Montreal
• Natixis
• Bank of New York Mellon
• Nomura
• Barclays
• Nordea Bank
• BBVA
• Northern Trust
• BNP Paribas
• OP Cooperative
• B3 (BM&FBOVESPA and Cetip)
• Ping An
• Canadian Imperial Bank of Commerce
• Royal Bank of Canada
• Citi
• SBI Group
• Commerzbank
• SEB
• Commonwealth Bank of Australia
• Societe Generale
• Credit Suisse
• Sumitomo Mitsui Banking Corporation
• CTBC Financial Holding
• TD Bank Group
• Daiwa Securities Group
• Temasek
• Danske Bank
• The Bank of Nova Scotia
• Deutsche Bank
• The Royal Bank of Scotland
• HSBC
• U.S. Bank
• ING
• UBS AG
• Intel Capital
• Wells Fargo
• Intesa Sanpaolo
• Westpac

The independent investment bank Broadhaven Capital Partners was the sole advisor to R3 on this deal.