Goldman Sachs Drops Out of R3 Blockchain Group

FinTech Collective

November 21, 2016

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FinTech Collective

Goldman has let its membership in R3 lapse, despite continued interest in leveraging distributed ledger technology to cut costs and improve security. The bank is focused on investing in blockchain startups and internal development.

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Goldman has committed to blockchain through investing and through internal development. The bank in 2015 was one of two lead investors in a $50 million funding round for bitcoin startup Circle Internet Financial Ltd. Goldman is also seeking patents on two blockchain-related inventions, for foreign exchange trading and digital currency. Blockchain has not yet been deployed widely for commercial use, in part because the legalities are unclear. Regulators have not made statements about the requirements blockchain-based systems must meet. Nasdaq Inc.’s Linq exchange for trading shares in private companies is one of the only blockchain-based financial systems in use.

http://www.wsj.com/articles/goldman-sachs-drops-out-of-r3-blockchain-group-1479730906