Morgan Stanley, Goldman Sachs and Santander are reported to be dropping their membership in the R3 CEV Blockchain consortium.
According to a report by the WSJ, Morgan Stanley doesn’t plan to invest in a $150 million equity funding round meant to develop the Blockchain technology’s infrastructure. Moreover, two other major R3 Blockchain consortium’s members, Goldman Sachs and Santander, also decided to quit the blockchain-banking consortium.
"We have made the decision to abandon the consortium," said a spokesperson of Santander about the bank's decision to leave.
More info here:
https://coinidol.com/another-breach-in-blockchain-consortium-banks-leaving-r3/It's clear they wouldn't be abandoning the blockchain concept altogether, so it stands to reason they must be working on their own private implementations. They're probably thinking "
Who needs R3? We can build our own walled garden for less", perhaps not realising that a walled garden will always be an inferior blockchain to the open and permissionless one we have. Let the banksters fumble around in disarray and waste all their money reinventing the equivalent of an intranet.