Wells Fargo, ING Among 5 New Banks Partnering With R3

BNP Paribas, Canadian Imperial Bank of Commerce, ING, MacQuarie and Wells Fargo are the latest financial institutions to partner with R3CEV.

AccessTimeIconNov 19, 2015 at 2:42 p.m. UTC
Updated May 9, 2023 at 3:02 a.m. UTC

BNP Paribas, Canadian Imperial Bank of Commerce, ING, MacQuarie and Wells Fargo are the latest major financial institutions to partner with distributed ledger startup R3CEV.

With the announcement, R3 brings the number of financial institutions participating in its stealth initiatives to 30, with other major names including Bank of America, BNY Mellon, Citi, HSBC and Morgan Stanley, among others.

  • U.S. Judge Signs Off on $4.5B Terraform-Do Kwon Settlement; Gensler Speaks on Ether ETF Approval
    01:41
    U.S. Judge Signs Off on $4.5B Terraform-Do Kwon Settlement; Gensler Speaks on Ether ETF Approval
  • Why Bitcoin Is Not Keeping Pace With Nasdaq
    01:11
    Why Bitcoin Is Not Keeping Pace With Nasdaq
  • Mona Founder on Future of the Metaverse
    09:08
    Mona Founder on Future of the Metaverse
  • Fed Sees Just One Rate Cut This Year; CRV Slides as Curve’s Founder Faces Liquidation Risk
    01:49
    Fed Sees Just One Rate Cut This Year; CRV Slides as Curve’s Founder Faces Liquidation Risk
  • Though details on the project are scarce, project representatives have indicated R3 is seeking to build what it calls a “global fabric of finance”, or a blockchain or distributed ledger system tailored to the needs of the banking community and crafted with its input.

    To date, R3 has emerged as the arguable leader of a new pack of startups seeking to adapt the technology underpinning the bitcoin network to enterprise financial use cases, with others including Digital Asset Holdings and Symbiont competing for a similar clientele.

    In addition to the new partnerships, R3 announced a number of personnel appointments.

    Bitcoin developer Mike Hearn has been tapped by the R3 team to be its chief platform officer, while James Carlyle, a former chief engineer of banking architecture at Barclays, was named its chief engineer.

    Tim Swanson and Richard Gendal Brown, two of the company's advisors, have now been formally brought on in full-time roles. Swanson was announced as R3's head of research, while Brown will serve as chief technology officer.

    For more on the banks participating in the program, read our full list of those involved here.

    Wells Fargo 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.