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FT: Blockchain initiative backed by nine large investment banks

Move towards common standards for the technology in effort to broaden use across financial services

Nine of the largest investment banks, including Goldman Sachs, JPMorgan and Credit Suisse, are planning to develop common standards for blockchain technology in an effort to broaden its use across financial services.

The group are looking to channel data, ideas and financial backing to a start-up called R3CEV, a New York-based group of trading and technology executives.