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JPMorgan Chase leaves R3 consortium

JPMorgan Chase & Co has left the bank blockchain consortium led by New York-based startup R3 CEV. The organization, which claims about 80 financial institutions as members, wants to raise $150 million from its members and strategic investors. R3 confirmed JPMorgan Chase has left the consortium and said it has secured significant commitment from its other members in terms of both capital and resources. Earlier, Goldman Sachs Group, Banco Santander, Morgan Stanley and National Australian Bank had left the group in quick succession. All these organizations are involved in other blockchain initiatives. JPMorgan Chase is a member of the newly formed blockchain consortium Enterprise Ethereum Alliance, and is an investor in blockchain startups Axoni and Digital Asset Holdings. It also participates in the Hyperledger Project, a cross-industry group led by the Linux Foundation.

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