Blockchain consortium R3 has secured a strategic investment of $5 million from financial market infrastructure group CLS.

The two companies will work together to explore how R3’s blockchain platform Corda can be deployed to improve efficiencies for its members, including 70 financial institutions and more than 24,000 third party clients.

R3 hopes that the partnership will further strengthen its ties to the infrastructure underpinning global financial markets. CLS settles more than $5 trillion of payments instructions across a number of foreign exchange markets on a daily basis.

David Rutter, chief executive of R3, highlighted CLS’s importance to the functioning of the most important markets in the world. “It is absolutely right that major infrastructure players like this look to technologies such as blockchain to continue making their products and services faster and more cost-effective for the end user. CLS’s investment is testament to Corda’s position as the enterprise blockchain platform of choice for the financial services industry.”

Alan Marquard, chief strategy and development officer at CLS, added: “We look forward to working in collaboration with other members to explore how CLS can provide transformative blockchain-based solutions that deliver efficiencies and risk mitigation for a diverse range of market participants operating in the global FX market.”

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