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R3 (R3 LLC) is an enterprise blockchain technology company. It leads an ecosystem of more than 300 firms working together to build distributed applications on top of Corda (known as CorDapps) for usage across industries such as financial services, insurance, healthcare, trade finance, and digital assets. It is headquartered in New York City. It was founded in 2014 by David E Rutter. The current CTO is Richard G. Brown.
The consortium started on September 15, 2015 with nine financial companies: Barclays, BBVA, Commonwealth Bank of Australia, Credit Suisse, Goldman Sachs, J.P. Morgan, Royal Bank of Scotland, State Street, and UBS.
On September 29, 2015 an additional 13 financial companies joined: Bank of America, BNY Mellon, Citi, Commerzbank, Deutsche Bank, HSBC, Mitsubishi UFJ Financial Group, Morgan Stanley, National Australia Bank, Royal Bank of Canada, Skandinaviska Enskilda Banken, Société Générale, and Toronto-Dominion Bank. Financial Times reporter Kadhim Shubber wrote that the new additions are "a sign the industry is gathering behind R3 in one potential implementation of the distributed ledger technology behind the cryptocurrency bitcoin."
On December 17, 2015, an additional 12 financial companies joined: BMO Financial Group, Danske Bank, Intesa Sanpaolo, Natixis, Nomura, Northern Trust, OP Financial Group, Banco Santander, Scotiabank, Sumitomo Mitsui Banking Corporation, U.S. Bancorp and Westpac Banking Corporation.
In November 2016, Goldman Sachs, Santander and Morgan Stanley each withdrew from the consortium. On December 14, 2016, Credicorp becomes the first Spanish-speaking Latin American member of R3.[non-primary source needed]
On May 23, 2017, R3 publicly announced that it had secured the largest ever investment for distributed ledger technology with USD 107 million as part of its Series A funding round, from over 40 institutions, spanning over 15 countries globally.
Also in May 2017, the Bank of Canada and Payments Canada, as well of some Canadian chartered banks, announced the results of a year-long trial of R3 consortium's DLT (Distributed Ledger Technology) which will not be adopted at this time for reasons of transaction privacy and scalability.
R3 has been represented by fintech PR firm, Chatsworth Communications, since launch.
In August 2017, The Colombian central bank Banco de la República Colombia partnered with R3 consortium for the testing of Corda.
In September 2017, R3 sued Ripple for specific performance of an option agreement in which Ripple agreed to sell up to five billion XRPs for a price of $.0085. Ripple countersued, claiming that R3 reneged on a number of contractual promises, and was simply acting in a spirit of opportunism after the cryptocurrency soared more than 30 times over. In September 2018, R3 and Ripple reached a settlement of all outstanding litigation.
On December 6, 2017, Amazon Web Services (AWS) announced a partnership with R3 to allow the company's Corda platform to become one of the first ever distributed ledger technology solutions on the AWS. Corda allows users to deploy DApps onto the AWS platform and to create new apps directly.
In March 2018, Credit Suisse and ING completed the first live securities lending transaction worth €25 million using an application from HQLAx, a financial technology firm, that was built on Corda.
In April 2018, Finastra launched the first live application on R3's Corda. Fusion LenderComm is a blockchain-powered platform for syndicated loans.
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The addition of the banks, which also include HSBC, BNY Mellon, Deutsche Bank and seven others, is a sign the industry is gathering behind R3 in one potential implementation of the distributed ledger technology behind the currency bitcoin.
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