Toyota Financial Services Joins R3 Consortium

Toyota joins R3CEV, making it the first member of the auto industry to join the distributed ledger consortium.

AccessTimeIconJun 23, 2016 at 3:23 p.m. UTC
Updated Sep 11, 2021 at 12:20 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

Toyota Financial Services, the financial services subsidiary of the Toyota Motor Corporation, has joined banking consortium R3CEV, making it the first organization affiliated with a major automaker to take part in the cross-industry effort.

While Toyota Financial Services largely spoke in broad terms about its strategy, the company did indicate it could seek to leverage distributed ledger tech for non-financial use cases.

Chris Ballinger, CFO and global chief officer of Toyota USA, said in a statement:

"Beyond finance, we believe additional applications of the technology in auto manufacturing and sales will benefit our customers by making mobility more affordable and available."

The company is expected to work alongside R3's more than 40 other members as part of the R3 Lab and Research Centre, which creates and tests proofs-of-concept employing both distributed ledgers and blockchain technologies.


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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish, a cryptocurrency exchange, which in turn is owned by, a firm with interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets including bitcoin and EOS. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

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 to register and buy your pass now.

Read more about