Enterprise blockchain software firm R3 has secured a strategic investment from CLS, the market infrastructure group delivering settlement, processing and data solutions.
CLS will work with R3 to explore how Corda, R3’s enterprise blockchain platform, can be deployed to improve efficiencies for its members, including 70 of the world’s leading financial institutions and more than 24,000 third-party clients.
The investment expands R3’s footprint in the FX space and further strengthens its ties to the critical infrastructure underpinning financial markets. CLS holds a unique position at the centre of the global FX market, settling over $5 trillion of payments instructions on an average day.
Corda is the world’s only enterprise blockchain platform designed from the ground up for businesses operating in complex and highly-regulated markets. It offers access to a vibrant network of interoperable blockchain applications for finance and commerce.
David E. Rutter, CEO of R3, comments: “CLS is critically important to the functioning of one of the most important markets in the world. It is absolutely right that major infrastructure players like this look to technologies such as blockchain to continue making their products and services faster, easier, safer and more cost-effective for the end user. CLS’s investment is testament to Corda’s position as the enterprise blockchain platform of choice for the financial services industry. We look forward to working with them.”
Alan Marquard, Chief Strategy & Development Officer at CLS, comments: “We are proud to be one of the first market infrastructure providers to form part of the pioneering R3 ecosystem. We look forward to working in collaboration with other members to explore how CLS can provide transformative blockchain-based solutions that deliver efficiencies and risk mitigation for a diverse range of market participants operating in the global FX market.”
Source: press release