CLS, a market infrastructure group providing settlement, processing and data solutions has made an investment of $5 million in enterprise blockchain startup R3.
Through this collaboration, CLS will work with R3 and other members to explore possibilities using enterprise blockchain solutions to improve efficiencies for its members. CLS has 70 members that include financial institutions and more than 24,000 third-party clients. With this investment, R3 expands its footprint in the Fx space and will help in further strengthening the critical infrastructure of financial markets. CLS holds a critical position in the global Fx market and settles over $5 trillion of trade transactions per day.
This investment marks the third tranche of R3’s fundraising activities that kicked off last year and witnesses record $107 million in funding from financial giants like SBI Group, Bank of America, HSBC and Merrill Lynch. Corda is world’s only enterprise blockchain platform designed to operate in highly complex and regulated markets. It offers a vibrant network of interoperable blockchain applications for finance and commerce.
David E. Rutter, CEO of R3, commented on the funding by CLS:
“CLS is critically important to the functioning of one of the most important markets in the world. It is absolutely right that major infrastructure players like this look to technologies such as blockchain to continue making their products and services faster, easier, safer and more cost-effective for the end user. CLS’s investment is a testament to Corda’s position as the enterprise blockchain platform of choice for the financial services industry. We look forward to working with them.”
Alan Marquard, Chief Strategy & Development Officer at CLS, said:
“We are proud to be one of the first market infrastructure providers to form part of the pioneering R3 ecosystem. We look forward to working in collaboration with other members to explore how CLS can provide transformative blockchain-based solutions that deliver efficiencies and risk mitigation for a diverse range of market participants operating in the global FX market.”