Banks are dropping out.Goldman Sachs has pulled out of R3 CEV, a blockchain group that counts more than 70 financial firms among its members. GS did not renew its membership on 31/10/2016
Both Santander and Goldman are investors in Digital Asset Holdings, a rival blockchain startup headed by headed by Blythe Masters, a former J.P. Morgan top exec.
The shakeup indicates that the field is maturing rather than waning. Distributed ledger technologies—which underpin cryptocurrencies such as Bitcoin—are gearing up to replace the aging back office software and databases that keep Wall Street humming. As these blockchain solutions come closer to reality, the companies backing their production are beginning to pick sides. The fundraising dispute centered on control. In May, R3 began seeking to raise a $200 million round that would have granted 90% of the firm’s equity to its member banks with 10% retained by R3, a person close to the negotiations told Fortune. In addition, 31 other members of R3’s development lab would have the opportunity to contribute