R3, Wall Street’s Answer to Bitcoin, is Shaken by a Bank Drain

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r3-wall-streets-answer-on-bitcoin-is-shaken-by-a-bank-drainNew York’s blockchain startup R3 has been hit by the departure of Goldman Sachs, Morgan Stanley, and Banco Santander. Experts begin to doubt that the company, that serves as a blockchain consortium of the world’s biggest banks, will be able to develop a valuable product.

On November 18, the world seemed to be fine for R3. The blockchain consortium, consisting of around 70 of the biggest banks and financial institutions in the world, published a press release titled: “It’s Blockchain, Not Bitcoin, That’s Relevant to Finance.” Only one week later everything seems to have changed. You could say: “It’s Blockchain or Bitcoin, but not R3, That’s Relevant.”

It really was not a good week for the New York-based company that has been seen as Wall Street’s answer to Bitcoin. After nearly every big bank and exchange

Read more ... source: TheBitcoinNews