Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

CLS, a U.S.-based forex settlement provider, has made a $5 million investment in enterprise blockchain startup R3.

According to a press release, the newly inked deal will see CLS will take a place on R3's board of directors.

CLS aims to work in collaboration with other members of the consortium startup to explore how it can provide "transformative blockchain-based solutions," for the forex industry, said Alan Marquard, the firms chief strategy and development officer. The firm will take a particular focus on Corda, R3's enterprise blockchain platform, the release adds.

The investment marks the third tranche of R3's fundraising efforts that kicked off last year and saw the startup raise a record-breaking at the time $107-million investment from notable firms including SBI Group, Bank of America Merrill Lynch and HSBC.

R3 CEO David Rutter commented on the news, saying:

"CLS is critically important to the functioning of one of the most important markets in the world. It is absolutely right that major infrastructure players like this look to technologies such as blockchain to continue making their products and services faster, easier, safer and more cost-effective for the end user."

CLS is perhaps sensibly taking a multi-vendor approach when it comes to blockchain and DLT. It is also working closely with IBM and Hyperledger Fabric for CLSNet, which adds new currencies to its services, while working with R3 for other projects within the main CLS platform.

Currencies image via Shutterstock

DISCLOSURE

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 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.


Learn more about Consensus 2023, 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.