Morgan Stanley and National Australia Bank to leave R3

Rage Commentary : Reuters reported that after Santander and Goldman Sachs, Morgan Stanley and National Australia Bank will also leave the R3 alliance. This makes it unclear what measures the banks that joined at the same time will take. However, Reuters said that the 42 banks that initially joined have expressed their willingness to stay and participate in R3's financing projects.

Translation: Annie_Xu

Reuters reported that National Australia Bank (NAB) and Morgan Stanley will not participate in R3’s $150 million funding round and will leave the alliance.

The two banks joined the alliance in September last year, along with other banks including Bank of America, BNY Mellon, Mitsubishi UFJ, Citi, Commerzbank, Deutsche Bank, HSBC, Royal Bank of Canada, SEB, Société Générale and TD Bank. What measures will these banks take?

Not long ago, Santander and Goldman Sachs also left the R3 alliance and launched their own blockchain projects, and have memberships and shares in other blockchain institutions, such as Digital Asset Holdings.

There are more and more blockchain alliances.

At the same time, Morgan Stanley and Goldman Sachs both applied for blockchain patents at the beginning of the year.

NAB and Ripple collaborated on a proof of concept for blockchain global remittances. The bank used Ripple’s distributed ledger technology to transfer $7.6 to the Canadian Imperial Bank of Commerce (CIBC), with a settlement time of just ten seconds.

Recently, Nordic financial group SEB expressed concerns about the future of R3.

However, a Reuters investigation found that the first 42 member institutions were willing to stay and invest.

R3 originally planned to raise $200 million, but later reduced it to $150 million. R3 will sell 60% of its shares to member institutions. The financing will be carried out in stages, lasting six months to a year. If the financing target is not met, it will consider attracting other strategic investors, such as technology companies.

R3 may form a separate company to provide services to business owners, in which R3 would hold a 10% stake and operate for ten years.