CLS & $5 Million Investment Into Blockchain Start-Up R3

CLS, a provider of high value-added products and services, declared today that it is investing $5 million in a blockchain start-up R3. R3, which is based in New York, plans to provide blockchain solutions to the financial services industry.

R3 which was founded in 2015, heads a consortium of financial institutions engaged in research of blockchain innovation technology. The efforts allowed the firm to develop its own blockchain platform Corda.

The mentioned trading platform was developed particularly for the financial services industry. Its main marketing and trading spot is that it allows institutions to trade with each other directly rather than through many other organizations and companies that have typically performed transactions.

The firm mentions that although it has developed Corda for the financial services industry, it can be used in any trade area. For example, a supply chain provider can get payments from its customers through Corda.

The mentioned announcement comes about a year after R3 confirmed that it finished its first two rounds of money collecting and funds raising. The company was able to raise $ 107 million in investments from a number of companies, including HSBC, Intel and Temasek Holdings.

Observing the decision to invest in the blockchain firm, Alan Marquard, chief strategy and development officer at CLS, stated: “We look forward to working in collaboration with other members to explore how CLS can provide transformative blockchain-based solutions,” in an emailed statement.”