Noelle Acheson is a 10-year veteran of company analysis, corporate finance and fund management, and a member of CoinDesk’s product team.
The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday, exclusively to our subscribers.
After a week of rumors and speculation, this much we know: Goldman Sachs, Banco Santander and Morgan Stanley (most likely) have left R3CEV.
The departures by three of the blockchain consortium’s larger members is being taken by some as a sign that blockchain enthusiasm is waning, and consortia are losing influence. Neither viewpoint is accurate.
While we are not privy to the closed-door meetings that led to the respective decisions (which are apparently unrelated), we can deduce that the banks did not leave because they no longer believe in blockchain tech. Between them, they have published glowing reports, invested in blockchain startups, conducted trials outside of R3 and even filed one blockchain-related patent.
Some sources hint that they were unhappy with the terms of R3’s latest financing round, but it’s probable that they would have left soon anyway.
Why? Because of the nature of investment banking, and of consortia.
Goldman Sachs, Banco Santander and Morgan Stanley are major players in a highly competitive