Wells Fargo and ING join R3 blockchain consortium, with 30 banks joining

On November 20, according to Coindesk, Wells Fargo (the world's largest bank by market value), BNP Paribas, Canadian Imperial Bank of Commerce, ING and Macquarie Bank have become the latest partners of distributed ledger startup R3CEV.

This also means that the number of large financial institutions cooperating with R3 has expanded to 30 Other major banks include Bank of America, Bank of New York Mellon, Citibank, HSBC and Morgan Stanley.

While details about the project are scarce, representatives for the project said R3 is looking to build what it calls a “global financial fabric,” or a blockchain or distributed ledger system tailored to the needs of the banking industry.

R3 has so far been the controversial leader in the quest to adapt bitcoin technology for financial applications, with other contenders including Digital Asset Holdings and Symbiont.

In addition to the new partners, R3 also announced a series of personnel appointments.

It is reported that Bitcoin developer Mike Hearn Hearn has been poached to the R3 team and will serve as the company's chief platform officer, while James Carlyle Carlyle, former chief banking architect at Barclays Bank, has been appointed chief engineer of R3.

In addition, two of the company’s former consultants, Tim Swanson Swanson and Richard Richard Gendal Brown Brown, have now officially joined the company full-time, with Swanson being appointed R3’s head of research and Brown serving as chief technology officer.

Original article: http://www.coindesk.com/wells-fargo-ing-among-5-new-banks-partnering-with-r3/
By Pete Rizzo
Compiled by: Satuoxi
Editor: Satuoxi
Source (translation): Babbitt Information