R3 Cuts Funding Target by $50m as More Banks Bail Out of the Consortium

[kreslik.news]

After it was revealed yesterday that R3 has lost one of its founding members, Goldman Sachs, new troubles have now surfaced at the blockchain consortium. R3 is reportedly losing the participation of more member institutions, leading the firm to curb its funding goals.

Spanish banking giant Banco Santander has decided to withdraw from the collaboration to design and apply distributed and shared ledger-inspired technologies for the global financial markets. Morgan Stanley and National Australia Bank (NAB) are also no longer actively taking part in the project, according to a report by Reuters.

The news agency is also quoting a “person familiar ... (read more)