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


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.


CoinDesk - Unknown
Three Arrows Paper Trail Leads to Trading Desk Obscured Via Offshore Entities

As Three Arrows Capital collapsed under market pressure, its much-lesser known trading desk, TPS Capital, remained active, sources say. But a complex ownership structure might frustrate creditors' efforts to collect.

CoinDesk - Unknown
CoinDesk - Unknown
June Was Bitcoin’s Worst Month Ever

Plus, European crypto regulation comes into view.

CoinDesk - Unknown
CoinDesk - Unknown
What Traders Are Saying About Bitcoin's Biggest Monthly Loss in 11 Years

Poor macroeconomic sentiment, fears of inflation and systemic risks from the crypto market pushed the cryptocurrency below 2017’s highs.

CoinDesk - Unknown
CoinDesk - Unknown
Three Arrows Capital Files for Bankruptcy in New York Tied to British Virgin Islands Proceeding

A British Virgin Islands court ordered Three Arrows' BVI branch into liquidation earlier this week.

CoinDesk - Unknown