Goldman drops membership in Wall Street blockchain

Goldman Sachs Blink

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.

The New York Post reports that 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 October 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.

To access the complete New York Post article hit the link below:

Goldman Sachs drops out of controversial R3 blockchain

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