Goldman Sachs has dropped its membership in an influential Wall Street blockchain consortium after losing a power struggle to influence the direction of the new bitcoin-like technology.
Lloyd Blankfein’s bank bailed out of R3, a group of 73 financial companies developing one of the most high-tech — and controversial — technologies in finance aimed at making transactions across Wall Street faster, cheaper and more secure.
Goldman backed out on Oct. 31, according to two people familiar with the group, although the exit was not known until Monday.
Turnover is expected, an R3 spokesman told the Wall Street Journal, which first reported on Goldman leaving the group.
The bank, which helped form the R3 group, is invested in several other companies developing bitcoin-like technologies aimed at making Wall Street transactions more efficient. It let its R3 membership lapse after it was denied both a bigger stake than other banks and a board seat.
From New Post Post