Citi, HSBC Partner With R3CEV As Blockchain Project Adds 13 Banks

Distributed ledger startup R3CEV has added 13 new banking partners, bringing the total number of banks involved in its activities to 22.

In a release, R3 revealed Bank of America, BNY Mellon, Citi, Commerzbank, Deutsche Bank, HSBC, Mitsubishi UFJ Financial Group, Morgan Stanley, National Australia Bank, Royal Bank of Canada, SEB, Societe Generale and Toronto-Dominion Bank had signed on to the project.

R3 CEO David Rutter suggested in statements that the startups approach to collaborating with the market to lower the cost of delivering new blockchain initiatives was a factor in the deal.

Rutter said:

“The addition of this new group of banks demonstrates widespread support for innovative distributed ledger solutions across the global financial services community, and we’re delighted to have them on board.”

As previously noted, R3 will lead collaborations between its members on design, engineering, experimentation and research projects related to blockchain and distributed ledger technology.

With the news, the 13 banks join nine previously announced partners including Barclays, BBVA, Commonwealth Bank of Australia, Credit Suisse, Goldman Sachs, JP Morgan, Royal Bank of Scotland, State Street and UBS, which announced support in September.