ABN Amro Joins R3 Blockchain Consortium

ABN Amro has become the latest financial institution to join the R3 blockchain consortium.

AccessTimeIconNov 3, 2016 at 11:35 a.m. UTC
Updated Sep 11, 2021 at 12:35 p.m. UTC

ABN Amro has become the latest financial institution to join the R3 blockchain consortium.

The Dutch bank is an investor in blockchain startup Digital Asset Holdings and is working with local academics on applications of the technology. The bank has also been doing internal work of its own, leading to speculation earlier this fall that it was developing a bitcoin wallet.

As an R3 member, the bank said that it expected to build on its past efforts. Arjan van Os, chief of ABN AMRO’s Innovation Centre, said in a statement:

“This is exactly the right time for us to step in. We already spend a lot of time developing and testing new technologies, on our own and together with other parties.

In May, ABN Amro director of transaction banking Karin Kersten explained that the bank was very much in a test-and-see stage when it comes to blockchain, but that it was investing resources across its various business lines. ABN Amro’s entry into R3 is perhaps a reflection of that continued process.

"We are doing experiments and seeing if they work. We are learning by doing, and working on different levels. There’s not just one team working on the blockchain," Kersten told CoinDesk.

More than 60 companies worldwide have joined the R3 consortium to date. Last month, Russia payments firm QIWI became a member.

Image Credit: JPstock / Shutterstock.com


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