Forex Provider CLS Invests $5 Million in R3

Forex provider CLS invests $5 Million in R3

Reuters reported on May 30th that forex settlement provider CLS has just invested $5 million in New York-based blockchain group R3. As part of the investment deal, CLS will have a seat on R3’s Board of Directors.

The deal is reportedly part of the third tranche of R3’s fundraiser, which also includes funding from Singaporean real estate firm OUE and Japanese IT specialist TIS.

R3’s CEO, David Rutter, had this to say:

“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.”

R3, launched back in 2015, reportedly completed the first two tranches of it’s fundraising a year ago, getting investments of $107 million from over 40 different financial and tech companies. R3 developed Corda, their version of distributed ledger technology and is currently testing the platform with the consortium’s partners. Once initially backed by nine large investment banks, it’s members ranks have grown to more than 80 financial institutions.

In an interview with Reuters, CLS’ Alan Marquard said that CLS was looking forward to collaborating with other members to “explore how CLS can provide transformative blockchain-based solutions.”

Last March, Swiss financial institution Credit Suisse and Dutch firm ING successfully piloted the first live transaction of $30 million in securities using the Corda platform

In February of this year, R3 announced their formation of a Legal Center of Excellence, a team of ten law firms dedicated to educating lawyers globally about new blockchain tech.

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