Forex Firm CLS Invests $5 Million in Enterprise Blockchain Startup R3

U.S.-based FX settlement provider CLS has made a $5 million investment in blockchain software startup R3.

AccessTimeIconMay 31, 2018 at 11:15 a.m. UTC
Updated Sep 13, 2021 at 8:00 a.m. UTC

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

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