IPC Enters R3 Consortium to Adopt Blockchain-Powered Apps

r3IPC, a provider of networking solutions, has entered a partnership with blockchain consortium R3 in order to support Corda blockchain networks on the IPC Connexus platform.

IPC’s Connexus Cloud.will, from now on, provide access to Corda blockchain applications in a move that addresses increasing demand from customers, according to Robert Coole, Director of Product Management at IPC.

“The financial industry interest in blockchain has significantly increased in recent years, with continuous growth of investment to support this emerging technology. IPC has been evaluating how blockchain technologies can be utilized, to the benefit of IPC customers and view R3 and the Corda platform, as one of the key drivers for customer adoption of new blockchain-enabled applications in capital markets.”

David E. Rutter, Chief Executive Officer at R3, commented:

David E. Rutter, CEO of R3
David E. Rutter, CEO of R3

“Built to meet the high standards of the financial services industry, the widespread adoption of Corda in capital markets is testament to our goal of helping enable a fully integrated, efficient and transparent marketplace for liquidity exchange. We are pleased to be working with IPC as its Connexus Cloud offers global coverage, providing access to a diverse range of capital markets participants.”

R3, currently leads a consortium of over 200 firms in research and development of distributed ledger usage in the financial system. The firm has recently signed another investment deal, worth $5 million, with Tokyo-based IT services provider TIS, which aims to speed up the global development and adoption of blockchain applications by leveraging the strengths & maturity of the Corda platform and taking advantage of TIS strong group presence in the region.

Another $5 million were invested by CLS in order to launch its blockchain product CLSNet. The company has 70 members that include financial institutions and more than 24,000 third-party clients. The investment, in June 2018, marked 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.
Other world leading banks which have entered the R3 consortium in the past include Natixis, BNP Paribas, Commerzbank, ING, Standard Chartered Bank, Bangkok Bank, SMBC, DNB, OP Financial Group, HSBC and ING Bank.