Goldman Sachs confirms departure from blockchain working group R3

Goldman Sachs has chosen not to renew its membership to blockchain working group R3.

Goldman Sachs has confirmed it has decided not to renew its membership with blockchain working group, R3.

The US investment bank was one of nine banks who founded R3 in 2014, alongside Credit Suisse, JP Morgan and others.

The TRADE understands Goldman Sachs did not renew the membership, as it no longer aligned with the bank’s technology strategy.

However, Goldman’s commitment to exploring blockchain is seen through its recent investment in Digital Asset Holdings.

In February this year, Goldman joined 13 other investors in a funding round, which saw total investment in Digital Asset Holdings reach $60 million.

Discussing the investment, Paul Walker, global co-head of technology at Goldman, explained the bank believes blockchain technology “will play a transformative role in the way financial institutions transact globally.”

“We look forward to working with Digital Asset and the broader financial and technical community to engage this emerging technology,” he added.