Distributed Ledger Consortium R3 Closes Record $107 Million Funding Round

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Global banking consortium R3 has closed the largest funding round in the history of distributed ledger technology.

Revealed today at Consensus 2017, over 40 financial institutions participated in the $107m round, including top member investors SBI Group, Bank of America Merrill Lynch and HSBC. Additional major investors include ING, Banco Bradesco, Itaú Unibanco, Natixis, Barclays, UBS and Wells Fargo, plus more from around the globe.

The funds are expected to be deployed as part of plans for global technological development and, eventually, a push to bring what the firm calls Corda Enterprise to institutions around the world.

R3’s founder and CEO, David Rutter, told CoinDesk:

“We’re ridiculously excited that this massive group of competing financial institutions could be so excited about what we’re building, to look beyond the competitive nature of the industry and the personalities that were involved, and really rally around a common theme.”

Notably, the announced funding comprises only the first two tranches of a Series A round, which was opened primarily to firms who were among the R3’s initial members. A third tranche, planned for later this year, will be open to other members and entities outside the consortium, meaning the final amount of the Series A will likely be even larger.

The round did include two strategic investors that are not members of

Read more ... source: CoinDesk

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