NY blockchain startup gets members' backing

London

BANKS involved in the blockchain consortium R3 CEV have expressed interest in investing US$59 million in the company's first funding round, less than half its overall target, a person close to the deal said on Friday.

R3, a New York-based startup, is seeking to raise US$150 million from its members and strategic investors to fund its activities focused on developing blockchain-based technology for the financial services sector.

It had originally sought to raise US$200 million, offering prospective investors a 90 per cent stake in a new entity it would have run but restructured the dea…