Santander Quits R3 Blockchain Consortium

Banco Santander has departed the R3 blockchain consortium, according to a representative.

AccessTimeIconNov 21, 2016 at 9:46 p.m. UTC
Updated May 9, 2023 at 3:03 a.m. UTC

Spanish banking giant Banco Santander is no longer a member of the R3 blockchain consortium, CoinDesk has learned.

The news comes hours after it was revealed that Goldman Sachs, one of the original 12 members of the consortium effort, would depart the group. At press time, Goldman Sachs has not yet stated its reason for leaving, though it is known R3 is now soliciting as much as $150m in funding from its members.

A spokesperson for Santander was similarly tight-lipped about the bank's decision to leave, indicating he could not provide more details about its departure.

He told CoinDesk:

"We have made the decision to abandon the consortium."

A source close to the deal indicates that Santander is among a small number of firms that may have privately withdrawn from the consortium in recent weeks, and that a planned funding round is still moving ahead.

While Santander did not comment, the decision does not appear to be linked to Goldman Sachs' decision to withdraw.

In response, officials at R3CEV reiterated a statement issued earlier in the day:

"Developing technology like this requires dedication and significant resources, and our diverse pool of members all have different capacities and capabilities which naturally change over time."

R3 did not offer additional comment on the status of its fundraising.

Image via Shutterstock 


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