It appears a full-fledged exodus is taking place where the R3 blockchain consortium is concerned. After the departure of one of its founding members, a total of six more banks are looking not to renew their membership. Given the sheer size of the consortium, this is not entirely surprising. However, it is also a telling sign of how there is dismay between the members and those “in charge” of the project.
Among the next batch of departing banks are some prominent members of the R3 consortium. JP Morgan, National Australia Bank, and Macquarie Group are all heading towards the exit. Earlier departures include founding member Goldman Sachs and Banco Santander. Even though is seen as a loss of momentum, the list of remaining members is still rather large.
What is rather disconcerting, though, is how all of these departures are core founder team members. The consortium was originally established as a collaboration between 42 banks. Of those founding member,s only 35 will remain. Still, no reason to panic, but it is not a positive sign for this blockchain initiative right now.