Banks start to withdraw from R3 blockchain consortium

International press announced that Morgan Stanley will leave R3. This brings the total of banks that have bailed in recent weeks to three, as the membership of the group – which has mushroomed since its formation – shakes out in the wake of calls for the banks to invest to take R3’s blockchain development to the next stage.

Reuters and The Wall Street Journal indicate that the Morgan Stanley doesn’t plan to take part in the startup’s ongoing funding effort, aimed at raising $150m. Earlier this week, it was revealed that Goldman Sachs and Banco Santander had moved to withdraw from the consortium, though at press time, neither bank has publicly commented on the reasons for their exits.

Departures aside, the consortium is pushing forward, as most of the R3 member banks are said to be planning to invest in the funding round. Those involved reportedly had until the end of last week to express non-binding interest in participatoin.

According to the Journal, Bank of America, UBS and Barclays remain R3 members.

R3 said earlier this week that member turnover was expected as the consortium efforts move forward, stating:
„Developing technology like this requires dedication and significant resources, and our diverse pool of members all have different capacities and capabilities which naturally change over time.”

Source: coindesk.com