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Financial innovation firm R3 to spearhead crypto technology solutions for the multi-trillion dollar financial services sector

September 15, 2015 (New York/San Francisco/London) – Nine of the world's leading banks today announced the formation of a partnership to design and deliver advanced distributed/shared ledger technologies to global financial markets.  The project – in addition to developing commercial applications – will seek to establish consistent standards and protocols for this emerging technology across the financial industry in order to facilitate broader adoption and gain a network effect.  Led by financial innovation company R3, the partnership is comprised of a group of banks including Barclays, BBVA, Commonwealth Bank of Australia, Credit Suisse, J.P. Morgan, State Street, Royal Bank of Scotland and UBS.  R3 CEO and former ICAP Electronic Broking CEO David Rutter will lead the project, and more banks are expected to pledge their support in the coming weeks.