Banco Santander, one of the early participants of the R3 blockchain consortium has abandoned the working group, joining investment banking institution Goldman Sachs in departure.
The shakeup indicates that the field is maturing rather than waning. Initially, the technology was developed as the one that underlies bitcoin.
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The news agency is also quoting a "person familiar with the plans" that reveals that R3 is readjusting to the situation by lowering the goal for its first large round of equity funding by 25% down from $200 million to $150 million.
More than 90 percent of its original 42 bank members have expressed an interest in investing, the source said.
The TRADE understands Goldman Sachs did not renew the membership, as it no longer aligned with the bank's technology strategy.
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Earlier this year, R3 revealed that Brazilian exchange group BM&FBOVESPA and China Merchants Bank (CMB) had joined its blockchain partnership, created to apply blockchain technology across global financial markets.
Goldman sought more leverage in the deal, which could have included a board seat or some other element of additional control, sources said.
The source said R3 will give bank members a 60% equity stake in exchange for the funding and that while "most other banks" have agreed to the terms of the deal R3 is not expecting the participation of every institution.
Goldman remains committed to blockchain technology, a spokesperson for the firm told Fortune. The startup is also tweaking "the structure of the deal" according to the publication.
R3 now boasts the involvement of over 70 fee-paying financial institutions from around the world, including Barclays, JP Morgan and Royal Bank of Scotland (RBS).
In a statement, R3 said it expected members of the consortium to change over time, as the scale and scope of the project changed. "Developing technology like this requires dedication and significant resources, and our diverse pool of members all have different capacities and capabilities which naturally change over time".