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B3, Bradesco and Itaú Unibanco, jointly with other institutions in the international financial market, have acquired a stake in R3 in the Series A funding round of the same company. R3 successfully raised a total amount of U$ 100 million under this particular funding round, to be used in accelerating the development of DLT technology and its applications.
In all, more than 40 strategic international investors and potential users of the technology from 15 countries contributed to the funding. With this initiative and in line with their DNA of innovation, the three institutions are participating in a collaborative model that has the capacity to act as a catalyst in the modernization of financial services.
R3 is leader of the largest consortium of global financial institutions, which are collaborating in the development of a platform for the financial sector and commercial applications employing distributed ledger technology (DLT). The funds will be used to accelerate the development of technology and expand strategic partnerships with a view to product implementation. R3’s focus will be concentrated on Corda, the company’s DLT platform for financial institutions, and on its infrastructure network, which will support a vast array of financial applications built for its partners.
Currently, the consortium consists of more than 80 banks, clearing houses, stock exchanges, market infrastructure suppliers, asset managers, central banks, regulators, trade associations, professional services companies and technology companies for developing commercial applications using DLT for the financial services industry. R3 operates in nine countries in all the regions of the world with a team made up of veterans from the financial sector, technologists and new tech entrepreneurs combining expertise from electronic financial markets, cryptography and digital currencies.
