R3 CEV, a startup working to build new Wall Street infrastructure using bitcoin technology, said it had filed for a patent this week and named its product Concord for the harmony it aims to build among more than 60 banks.
The patent application is the New York firm’s first, shedding some light on what has so far been a widely followed but opaque firm.
R3, launched in September 2015 with a consortium of nine multinational banks, has since grown to more than 60 and includes Barclays PLC, Goldman Sachs Group Inc., and J.P. Morgan Chase & Co.
The goal of the firm has been create standards for financial services based on “blockchain,” the open-ledger system used to trade the virtual currency bitcoin. It hopes to sell its wares both to the participant banks and others. Read more