Goldman Sachs Quits R3 Blockchain Consortium

By Timothy Sohn Nov 21, 2016 9:33 PM EST

(Financial Times) – Goldman Sachs has left the powerful R3 blockchain consortium, in a sign of tensions emerging as the big banks try to place their chips on a technology that could cut tens of billions of dollars of costs from the financial sector. The Wall Street bank had been one of nine original members of R3, which was assembled last year to find ways to eliminate the clunky processes that govern payments and settlements behind the scenes. The group has since swelled to more than 70 fee-paying members, with the recent addition of Synchrony, the credit card company, Dutch bank ABN Amro and Fifth Third Bank of Ohio.

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