Wall Street Blockchain Alliance Joins Blockchain Consortium R3

According to a press release published yesterday, the Wall Street Blockchain Alliance (WSBA) has joined blockchain consortium R3 in an effort to develop solutions on Corda, which is a decentralized platform built by R3 on the Ethereum blockchain for use by financial institutions.

Said CEO of the WSBA Ron Quaranta:

“We are pleased to partner with R3 and introduce our trade association to the wide range of use cases that Corda enables throughout global financial services. We are certain that our members will benefit from our close collaboration with this leading industry body.”

The WSBA is a leading non-profit trade association whose aim is to promote the adoption of blockchain technologies and cryptoassets across the world.

R3 is a global network of over 300 of the world’s largest financial institutions, tech companies, and banks whose primary goal is to develop Corda, which will allow institutions to transact directly using smart contracts with enhanced security and privacy, as well as reduced friction. R3 announced the launch of the Corda Network last month, with the non-for-profit organization, the Corda Network Foundation, charged with overseeing its operations.

David E. Rutter, CEO of R3, commented on how the two bodies will collaborate:

“The Wall Street Blockchain Alliance (WSBA) and R3 will work together to to accelerate widespread adoption across an innovative community of financial services professionals. We advocate a strategic approach to collaborating with regulatory bodies so that financial markets, and beyond can gain the full benefits of blockchain’s capabilities.”

In late January, Japanese financial institution SBI Holdings announced it would partner with R3 with the aim of helping the consortium build out the use of the Corda blockchain on their platform. Around the same time, leading global banking payments network SWIFT announced plans to develop a proof-of-concept (POC) gateway that would allow R3 to link directly to SWIFT Global Payments Innovation (GPI) payments from their platform.