R3 Completes Blockchain Test With 11 Banks

R3CEV has announced the completion of a permissioned ledger test involving 11 of its 42 banking partners.

AccessTimeIconJan 20, 2016 at 3:20 p.m. UTC
Updated Sep 11, 2021 at 12:05 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

R3CEV, the blockchain startup leading a consortium of more than 40 international financial institutions, has announced the completion of a test involving 11 members of the group.

Barclays, BMO Financial Group, Credit Suisse, Commonwealth Bank of Australia, HSBC, Natixis, Royal Bank of Scotland, TD Bank, UBS, UniCredit and Wells Fargo were involved in the experiment, the first by the group to be revealed to the public.

The startup said that the test involved a distributed ledger based on the public Ethereum network but that was hosted on a private network on the Microsoft Azure platform, the tech giant's previously announced blockchain-as-a-service initiative.

CEO David Rutter said in a statement:

"The transition from vision and hypothesis to application and execution signifies the next major step towards using this technology to transform how institutions interact, report and trade with each other in financial markets. This is a very exciting development, both for R3 and our member banks, as well as the global financial services industry as a whole."

The firm indicated that more tests are underway involving the consortium’s member banks. R3CEV, which announced the first members last fall, has added a total of 42 financial institutions to the consortium to date.

The institutions involved struck a positive note overall regarding the results of the test.

"Blockchain is an emerging focus for our industry and Credit Suisse. As one of the early participants with R3 we are very happy to be part of the consortium which leads the industry's research into the value and applicability of this technology," said Stephan Hug, group chief architect for Credit Suisse.

Image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.