Six of the world’s biggest banks teamed up to create a new digital currency ‘utility settlement coin’ for clearing and settling financial transactions.
The platform is intended to facilitate domestic and cross-border trade for small and medium enterprises in Europe and increase overall trade transaction transparency.
Seven large banks are collaborating to make domestic and cross-border commerce easier for European small and medium-sized enterprises.
The banks are planning to develop a new digital cash to serve as a standard for financial trades settlement.
The World Economic Forum 2016 in Switzerland is expected to concentrate on the topic of fintech revolution this year.
Thus R3 project has just grown up to 42 members – the world’s largest and most influential banks.
The blockchain holds huge promise for the future of the financial industry, with the world’s leading organizations developing solutions based on the bitcoin technology.
Visa Inc. shares overall interest in blockchain launching a research office in India while Deutsche Bank and Forbes publish posts supporting the idea of applying the technology to financial sphere.