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.
CEO David Rutter said in a statement:
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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.