12 More Banks Join Blockchain Consortium R3

UPDATE (17th December 14:25 BST): This article has been updated with additional information.

Twelve additional banks have joined the blockchain consortium led by startup R3CEV.

New entrants to the group include Banco Santander, Danske Bank, Intesa Sanpaolo, Natixis, Nomura, Northern Trust, OP Financial Group, Scotiabank, Sumitomo Mitsui Banking Corporation, US Bancorp, Westpac Banking Corporation and BMO Financial Group.

The consortium, announced in September, is focused on proof-of-concept experimentation and the development of standards for blockchain tech. Its creation followed a series of workshops and meetings conducted with banks, some of which later signed on to the group.

The consortium’s membership has grown since the first nine members were announced in the fall. In the past few months, 33 more banks have joined the initiative. With the new entrants, the total number of banks involved with the consortium rises to 42.

R3 indicated that its "initial window" for membership into the consortium has closed, but said that in 2016 it will seek to work with non-bank financial institutions and groups.

The firm struck a positive tone, pointing to broadening support for the technology among the world's banks, some of which are conducting their own investigations in tandem with the consortium's work.

R3 CEO David Rutter said that the possible applications of these its solutions will "cut across asset classes, geographies and market participants".

He added in a statement:

When reached for comment, Banco Santander said that the organization presents an opportunity "to work together in a collaborative way in order to build new financial technology platforms based on crypto currencies and distributed ledger techniques".

"Santander is keen to contribute to this collaborative effort to shape the new rails upon which the financial industry will operate in the future," it said.

Building blocks image via Shutterstock