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JPMorgan leaves blockchain consortium R3

Friday 28 April 2017 | 08:42 AM CET

JPMorgan Chase & Co has left the blockchain consortium led by New York-based startup R3 CEV.

The financial institution’s move follows the departure of other large banks from the consortium. R3, which counts about 80 financial institutions as members, wants to raise USD 150 million from its members and strategic investors and give them a 60% stake in R3.

Goldman Sachs Group, Banco Santander, Morgan Stanley and National Australian Bank left the group in quick succession in late 2016, as R3 proceeded with its fundraising plans.

Nevertheless, the bank is involved in other blockchain initiatives. JPMorgan is a member of blockchain consortium Enterprise Ethereum Alliance, and is an investor in blockchain startups Axoni and Digital Asset Holdings. It also participates in the Hyperledger Project, a cross-industry group led by the Linux Foundation.

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