R3 is attempting to build a network that will connect all the banks and be interoperable between different institutions. One of the concerns is that there are a number of companies working on different distributed ledger technologies, and this could lead to a lack of systems that do not work together.
In the process of the funding which began last year, Goldman Sachs and Santander both dropped out and left the R3 consortium.
Whereas the current equity structure gives all the investors a fairly equal say, Goldman is understood to have wanted a very large stake in R3 with a lot of control. A source close to the situation, who preferred to remain anonymous because the negotiations were private, told CNBC that Goldman wanted a larger ownership stake and “outsized influence beyond what they were willing to invest.”
Goldman Sachs has not responded to a request for comment when contacted by CNBC. R3’s Cooper also declined to comment, instead talking up the potential of a large investor base.
“We cultivated as broad an investor community as possible so one or two banks weren’t controlling the consortium. Now there is a relatively equal investment and relatively equal voting rights, and this is very much a collaborative consortium where the community is driving the conversation rather than one or two investors,” Cooper told CNBC.