Microsoft Partners with Blockchain Fintech R3

Microsoft Azure will be a preferred cloud platform for R3 consortium.

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Technology giant Microsoft announced it is entering into a strategic partnership with R3 CEV, a New York-based financial technology vendor, with a goal of accelerating innovation in the distributed ledger technologies space.

Peggy Johnson, executive vice president president of business development, wrote a blog post about the news on Microsoft's website.

As part of the deal, R3 has named Microsoft Azure the preferred cloud services provider for its R3 Labs and Research Center, which serves a consortium of over 40 banks working with R3.

In addition to cloud-based tools, services and infrastructure, Microsoft will also provide technology architects, project managers, lab assistants and support services. R3 and its consortium will also have access to Microsoft's blockchain-as-a-service (BaaS) partners.

R3 has conducted several experiments with its consortium of banks in 2016, including hosting one on Microsoft Azure in January and trading fixed-income assets in March.

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