CLS, the continuous linked settlement service for FX transactions, has made a strategic investment in R3 and is planning to explore how Corda, R3’s enterprise blockchain platform, can be deployed to improve efficiencies for its members.

David Rutter, CEO of R3, comments: “CLS is critically important to the functioning of one 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, easier, safer 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. We look forward to working with them.”

Alan Marquard, chief strategy and development officer at CLS, adds: “We are proud to be one of the first market infrastructure providers to form part of the pioneering R3 ecosystem. 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.”