CLS invests in the blockchain consortium R3

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CLS, a company engaged in processing and settlements in the sphere of currency exchange, invested $ 5 million in the blockchain consortium R3. Under the terms of the deal, CLS will have a seat on the board of directors of R3.

Earlier in R3 already invested Singaporean firm OUE, working in real estate, and the Japanese provider of IT services, TIS. David Rutter, CEO of R3, noted that large industrial players are increasingly becoming interested in blockchain technology.

“It’s absolutely true that large infrastructure players like this are looking for ways to make their products and services faster, easier, safer and more cost-effective for the end user in technologies such as blockchain.”

Consortium R3

The R3 consortium was founded in 2015. A year ago, the first two tranches were completed during the consortium financing round, resulting in $ 107 million from more than 40 financial and technology companies. R3 developed a kind of distributed registry technology, called Corda. Tests of the technology are held with consortium members, including more than 80 financial institutions.

Alan Marquard, CLS strategy and development director, told Reuters that the company plans to “work with other members to explore how CLS can provide transformational solutions based on blockchain technology.”

Developments R3

In March, the first real-time transaction of € 25 million (about $ 30 million) between Credit Suisse (Switzerland) and ING (The Netherlands) was made on the Corda blockchain from R3.

In February, R3 announced the creation of the Legal Center of Excellence, whose team will consist of ten law firms. The goal of this center is to educate lawyers around the world about the technology of blockchain.

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