CLS invests in blockchain software firm R3
CLS will work with R3 to explore how Corda, R3’s enterprise blockchain platform, can be deployed to “improve efficiencies” for its members, including 70 financial institutions and more than 24,000 third-party clients.
David E. Rutter, CEO of R3, says: “CLS’s investment is testament to Corda’s position as the enterprise blockchain platform of choice for the financial services industry.”
According to the duo, the investment expands R3’s footprint in the foreign exchange (FX) space and further strengthens its ties to the infrastructure underpinning financial markets. CLS says it settles over $5 trillion of payments instructions on an average day.
Corda has certainly been getting a lot of traction.
Some recent examples include Commerzbank calling on Corda for a trade finance thrust; and Deutsche Börse and HQLAx signing a letter of intent to form a partnership to create a securities lending solution using Corda.
In addition, Credit Suisse and ING executed the first live transaction using HQLAx’s securities lending app on Corda.