R3 Consortium Welcomes Canada’s LCUC
Canada’s LUCU, a coalition that brings together every CIO from the 16 leading Canadian credit unions, has joined R3’s blockchain consortium. As part of its long-term vision, the LCUC, an incredibly financed coalition consisting of 16 firms amounting to $125B in value, is dedicated to researching and developing new tech that will benefit the country’s credit industry.
The blockchain consortium hosts around 200 companies including finance agencies, trading companies, lawmakers, technology companies and service providers, with the new addition of the LCUC.
By joining R3, the coalition will be granted access to study and integrate the R3 Corda system. Created from the ground up, Corda was designed to aid and guide exceptional and legally regulated markets within the financial industry. Corda will provide several different applications and benefits to trading and financial activities. The company launched its public version of the platform for commercial use earlier this month.
The company’s head executive, David Rutter, stated that the new addition is a welcomed partner into the consortium and as Canada continues to support the development and application of blockchain technology. Canada is also an essential target market for R3 and its services. R3 will work with its group of leading Chief Information Officers from each company to further enhance and provide its members with Corda’s one of a kind services.
One of the leading CIO’s involved, Yves Auger, of Servus CU said that the LCUC is optimistic and excited about the new partnership and aims at further exploring the DLT sphere and founding new applications with the technology as part of a group effort with the other involved CIO’s from each company.
An IPO was rumored to be underway by R3 to gather more funding, although the company shut down any such rumors. R3’s chief executive officer sign an order arguing any claims or rumors by the employee’s that R3 has run out of funding.