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CLS invests $5M in blockchain alliance R3

31 May 2018 21:00, UTC

The DLT-researching organization R3 receives an investment of $5M from CLS, a major international foreign exchange platform and clearing system. David Rutter, CEO of R3, has stated that it was a prudent decision for CLS to look into blockchain technologies in order to continue to serve as one of the most critical companies of the modern financial world.

CLS acts as an international middleman between the currency exchangers, its importance is so high that its work is being monitored by the United States Federal Reserve and other central banks.

R3 is one of the big blockchain-researching organizations with which the corporations of the world are now working in order not to lose competitiveness. The leader of R3 has discussed the possibilities of blockchain and notably stated that some financial scandals of the past could have been prevented if blockchain was implemented during that time.

The cryptocurrency community is well-aware of the fact that blockchain, the foundation of every modern cryptocoin, is interesting for many corporations only in case it is used without the establishment of the new currency. This approach is called “blockchain without Bitcoin” and was criticized by some enthusiasts.

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