R3, is trying to raise $200 million from a consortium of banks. One industry insider in the article described the stand-off as an “implosion at R3”, adding “the big banks are apoplectic with the high handed approach and are busy ‘considering their options’.”
At least one bank is pushing for better investment terms. R3, the startup formed last year to bring the technology behind bitcoin to mainstream banking, is trying to raise $200 million from a consortium of banks. But at least one of the banks signed up to R3's industry-wide consortium is unhappy with the investment terms proposed, according to two people close to the negotiations. R3 was founded last year by Wall Street veteran David Rutter to try and bring blockchain technology to mainstream banking. Blockchain, also known as distributed ledger technology, uses complex cryptography and the wisdom of the "crowd" to verify transactions, rather work through a traditional middleman. It has the potential to strip out huge amounts of costs from banking, with Santander estimating last year that the technology could save banks as much as $20 billion a year
http://www.businessinsider.com/blockchain-r3-raising-money-big-banks-pushback-2016-5?r=UK&IR=T
