Bitcoin Forum

Twelve additional banks have joined the blockchain consortium led by startup R3CEV.
New entrants to the group include Banco Santander, Danske Bank, Intesa Sanpaolo, Natixis, Nomura, Northern Trust, OP Financial Group, Scotiabank, Sumitomo Mitsui Banking Corporation, US Bancorp, Westpac Banking Corporation and BMO Financial Group.

The consortium, announced in September, is focused on proof-of-concept experimentation and the development of standards for blockchain tech. Its creation followed a series of workshops and meetings conducted with banks, some of which later signed on to the group.
The consortium’s membership has grown since the first nine members were announced in the fall. In the past few months, 33 more banks have joined the
initiative. With the new entrants, the total number of banks involved with the consortium rises to 42.
R3 indicated that its "initial window" for membership into the consortium has closed, but said that in 2016 it will seek to work with non-bank financial institutions and groups.
The firm struck a positive tone, pointing to broadening support for the technology among the world's banks, some of which are conducting their own investigations in tandem with the consortium's work.
R3 CEO David Rutter said that the possible applications of these its solutions will "cut across asset classes, geographies and market participants".
He added in a statement:
"Ultimately, these technologies will benefit not just financial services firms, but their clients and end-users as well. We're very excited to be at the forefront of this global evolution."
When reached for comment, Banco Santander said that the organization presents an opportunity "to work together in a collaborative way in order to build new financial technology platforms based on crypto currencies and distributed ledger techniques".
"Santander is keen to contribute to this collaborative effort to shape the new rails upon which the financial industry will operate in the future," it said.

This is getting very interesting. In 2013 most banks were hostile against BTC. Now more and more are jumping on board.

They are not jumping on board Bitcoin, they create their own system which obsoletes Bitcoin.

Source your articles damn it.

Source link : CoinDesk.com Politics news-  12 More Banks Join Blockchain Consortium R3   (http://www.coindesk.com/twelve-banks-blockchain-consortium-r3/)

They are using the chain of an altcoin, not bitcoin. Perhaps some own bitcoins, but that's another story.  In general they a still hostile. While its popular to say "Blockchain tech", nobody speaks about "Bitcoin"

Banks can wallow in their shitcoins all they want, Bitcoin is and will continue to be the digital reserve currency.

I was under the impression most would still run on the same technology, as like side chains of sorts?

Yes, most of them use the same technology they used in the past. Cryptocurrency is very experimental for them. I heard they want to use a cryptocurrency or cryptotech for internal use between banks, but not to provide the people with more financial freedom.

See, I don't get how they benefit from this if it's all internal. They have systems in place. They have to process everything themselves. There's no real reason to switch to a more bogged down system.