Share this article
R3 Completes Blockchain Test With 11 Banks
R3CEV has announced the completion of a permissioned ledger test involving 11 of its 42 banking partners.
By Stan Higgins
Updated Sep 11, 2021, 12:05 p.m. Published Jan 20, 2016, 3:20 p.m.
Make us preferred on Google
R3CEV, the blockchain startup leading a consortium of more than 40 international financial institutions, has announced the completion of a test involving 11 members of the group.
Barclays, BMO Financial Group, Credit Suisse, Commonwealth Bank of Australia, HSBC, Natixis, Royal Bank of Scotland, TD Bank, UBS, UniCredit and Wells Fargo were involved in the experiment, the first by the group to be revealed to the public.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The startup said that the test involved a distributed ledger based on the public Ethereum network but that was hosted on a private network on the Microsoft Azure platform, the tech giant's previously announced blockchain-as-a-service initiative.
CEO David Rutter said in a statement:
"The transition from vision and hypothesis to application and execution signifies the next major step towards using this technology to transform how institutions interact, report and trade with each other in financial markets. This is a very exciting development, both for R3 and our member banks, as well as the global financial services industry as a whole."
The firm indicated that more tests are underway involving the consortium’s member banks. R3CEV, which announced the first members last fall, has added a total of 42 financial institutions to the consortium to date.
The institutions involved struck a positive note overall regarding the results of the test.
"Blockchain is an emerging focus for our industry and Credit Suisse. As one of the early participants with R3 we are very happy to be part of the consortium which leads the industry's research into the value and applicability of this technology," said Stephan Hug, group chief architect for Credit Suisse.
Image via Shutterstock
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Gold in “extreme greed” sentiment as it adds the entire bitcoin market cap in one day
Bullion ripped past $5,500 and sentiment gauges hit “extreme greed,” while bitcoin stayed pinned below $90K — a split that’s getting harder to ignore.
What to know:
- Gold’s surge above $5,500 an ounce has taken on the feel of a crowded trade, with its notional value jumping about $1.6 trillion in a single day.
- Sentiment gauges such as JM Bullion’s Gold Fear & Greed Index are signaling extreme bullishness in precious metals, even as similar crypto indicators remain stuck in fear.
- Bitcoin is lagging despite the “hard assets” narrative, trading like a high-beta risk asset while investors seeking a store of value are favoring physical gold and silver over digital tokens.
Top Stories
