• R3 turns a DeFi token after the banking blockchain bet

  • R3, the startup that started with a consortium of banks trying to figure out how to use cryptocurrency technology in a private setting, is now looking to break into the huge expanse of decentralized finance (DeFi).

    R3 announced its regulation-friendly DeFi network and token called Obscoro at this year’s CordaCon, R3’s annual developer summit, then stressed that it was a proof of concept and that regulators would set a final date.

    “Our team is working on a proof-of-concept project for a private, permissionless DeFi network with a corresponding token,” said Nick MurrayLeslie, representative of R3, via email. (“Private” and “permissionless” sound confusing, but refer to R3’s work with Intel SGX to create a closed environment for transactions while maintaining the open nature of DeFi). ready for next year from a technological point of view ”.

    Open and genuinely permissionless DeFi proponents are considering ways to make their platforms more regulatory-friendly, such as: R3, with its privacy-focused Corda platform, approaches this problem from the direction of more traditional regulated product design, at one of the steepest pivot points in the recent past.

    R3 said Obscoro has the potential to reduce the advancement of DeFi applications by miners who are aware of large market moving operations and deploy their own operations to take advantage of them.

    Company recalculations

    In a broader sense, the R3 move is another concession that public blockchains have been shown to attract much more capital and usage than shared databases within corporate firewalls, which are innovative.In fact, Obscoro’s announcement is not the first time members of the open source Corda community have pushed for DeFilike functionality and a token to run on the Corda network.

    This has been the continued focus of LAB577, a startup led by former NatWest banker Richard Crook, which announced last year the Cordite Society, a co-operative registered in the United Kingdom, and its plans to launch the XDC crypto token on R3′s Corda.

    “LAB577 is delighted to see the launch of Obscoro, another step in the convergence of the leading blockchain technologies,” Crook said via email on Wednesday.

    “In the financial industry, the need for privacy, identity, finality, and governance has remained constant. It is up to blockchain technologies to meet the requirements, not vice versa.”

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