According to the Wall Street Journal, Morgan Stanley does not plan on renewing its membership with R3, nor does it intend to invest in the New York-based blockchain startup’s reported $150 million round of equity funding.
As reported yesterday, R3 has lowered its fund-raising target from $200 million to $150 million for its first major round of equity funding, while modifying the structure of the deal offered to its member banks. For instance, banks will now be offered a stake in R3’s development lab, a common roof under which its members collaborate to explore, research and develop blockchain solutions with R3.
As a part of the fundraising offering, R3 is reportedly setting up a new company that delivers its blockchain products to its members, who will also share a 90 percent stake in the company. The presumed terms will also see R3 at