R3, one of the most prominent consortia investigating blockchain development, has secured additional funding of $107 million, bringing a record-breaking funding round for the technology to a close.
The consortium, which is comprised of major banks and financial services institutions worldwide, raised the funds from a combination of member investments and external support.
Among its members, contributions from SBI Group, HSBC and Bank of America were among the most significant. Beyond, the consortium also attracted investment from external companies, including ING, UBS, Barclays, Natixis, Banco Bradesco and Wells Fargo, signifying a broad cross-section of support across the industry for their aims.
The resources will be used to fund ongoing development of their global financial solutions, as well as assisting in the eventual rollout of its enterprise services across major institutions worldwide.
David Rutter, the CEO and founder of the R3 group, said the funding represented a significant vote of confidence from industry partners.
“We’re ridiculously excited that this massive group of competing financial institutions could be so excited about what we’re building, to look beyond the competitive nature of the industry and the personalities that were involved, and really rally around a common theme.”
The funding announced to point marks the conclusion of the first two parts of their Series A funding round, with a further part billed for later this year.
The further funding round will be opened to existing partners, as well as to external investors, later this year, and is expected to push the total funding figure higher still.
Already at a record-breaking level for investment in blockchain technologies, it looks clear that the bar will be raised still further in the months ahead, with both existing and new partners expected to contribute in the final stage.
R3 is working on distributed ledger technologies for banks, designed to overcome the threats posed to the traditional banking system by the technology, while introducing more effective mechanisms for leveraging its benefits.
With substantial funding now in place to take their development to the next level, it remains to be seen whether R3’s technology can live up to its hype and potential.