FX Settlement Provider CLS Invests In Blockchain Consortium R3

www.oann.com | 4/5/2016 | Staff
smnth28 (Posted by) Level 3
NEW YORK (Reuters) – Foreign exchange settlement provider CLS has invested $5 million in R3, the New York-based blockchain startup, CLS and R3 told Reuters on Wednesday.

CLS, which settles over $5 trillion of payment instructions a day for its members, will take a seat on R3’s board of directors, the companies said.

Deal - Part - Tranche - R3 - Fundraiser

The deal forms part of the third tranche of R3’s fundraiser, which included investments from Singapore real estate firm OUE and Japanese IT services provider TIS, according to a person familiar with the matter.

OUE and TIS also invested $5 million each in R3, the person said. OUE and TIS did not immediately respond to requests for comment.

Blockchain - Software - Cryptocurrencies - Bitcoin - Database

Blockchain, which first emerged as the software powering cryptocurrencies such as bitcoin, is a shared database of transactions that is maintained by a network of computers.

Financial institutions have been investing hundreds of millions of dollars in the technology, which they hope can help simplify and reduce the costs of processes such as securities settlement.

CLS - Settlement - Members - World - Institutions

CLS’s settlement members include more than 60 of the world’s largest financial institutions such as JPMorgan Chase & Co and Citigroup .

“CLS is critically important to the functioning of one of...
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