JPMorgan Chase exits R3 blockchain consortium

JPMorgan Chase has formally parted ways from the distributed ledger technology firm R3.

JPMorgan Chase exits R3 blockchain consortium

JPMorgan Chase has formally parted ways from the distributed ledger technology firm R3 as the blockchain company proceeds with its fundraising plan.

The move comes as the blockchain consortium looks to raise funds to nearly $150m from its members and strategic investors in return for a 60% stake. Initially, the bank planned to raise $200m and give them a 90% share in the new company.

JPMorgan follows the footsteps of other larger banks including Goldman Sachs Group, Banco Santander, Morgan Stanley and National Australian Bank, who left the consortium in late 2016.

JPMorgan joined the blockchain syndicate along with eight other banks, including Goldman Sachs and Barclays, to develop common standards for blockchain technology.

Currently, the consortium has nearly 80 plus financial institutions as its member.

JPMorgan is also a founding member of newly formed blockchain syndicate Enterprise Ethereum Alliance, and an investor in blockchain startups Axoni and Digital Asset Holdings. It also participates in the Hyperledger project.