R3CEV blockchain project adds 13 new banking partners

Blockchain, the underlying technology of the Bitcoin network, has already created a wave in the financial world.

Distributed ledger startup R3CEV announced on September 30 that it has added 13 new banking partners, bringing the total number of banks participating in its blockchain project to 22.

In a press release, R3 revealed that Bank of America, Bank of New York Mellon, Citigroup, Commerzbank, Deutsche Bank, HSBC, Mitsubishi UFJ Financial Group, Morgan Stanley, National Australia Bank, Royal Bank of Canada, SEB, Societe Generale and Toronto-Dominion Bank have signed on to the company’s blockchain project.

R3 CEO David Rutter said in the statement that the startup’s ability to collaborate with major banks was a factor in reducing the costs of new blockchain initiatives.

Rutter said:

“The addition of this new group of banks is testament to the broad support for innovative distributed ledger solutions across the global financial services community and we are delighted to have them on board.”

It is reported that R3 will guide member banks to collaborate on engineering, experimental and research projects involving blockchain and distributed ledger technologies.

Previously, R3 announced nine banking partners, including Barclays, BBVA, Commonwealth Bank of Australia, Credit Suisse, Goldman Sachs, JPMorgan Chase, Royal Bank of Scotland, State Street and UBS.

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