Barclays Joins CLS Consortium
2 min read

Barclays Becomes a Member of the CLS Blockchain Consortium

By Editorial Team

Barclays has been the latest company that added its name to the CLS blockchain consortium. They are joining companies such as JPMorgan, Bank of China and Goldman Sachs.

The CLS consortium aims to use open source technology such as the Hyperledger Fabric blockchain in order to create new channels for the vast foreign exchange market. They aim to connect buy side and sell side institutions such that they can exchange forex that are settled through other means.

Lee Braine, the Barclays CTO claimed that the CLS solution was particularly appealing because the platform will operate in conjunction with the Swift platform. This will allow the clients choice when the connect to the network. They can either connect up via Swift or the Blockchain solution when they log in. The CLS solution (CLS Net) will allow customers to trade with 6 different blockchain products.

Braine also went on to say that there was a desire for a “harmonious” functionality with Swift’s current foreign exchange service. This “tiered” approach to block chain technology is favoured by Braine as it allows the customers to adjust according to their preferences.

He laid out an “incremental” roadmap that was split into 10 layers each progressing on the last. At the lowest level, the implementation only requires the existing technology that will be plugged into a third-party blockchain provider. On the other end, the last level of the implementation will have transactions that are fully reliant on the decentralised ledgers with no centralised backup system at all.

There is also the hope that what is learned on this project will help inform future decisions for Barclays in the way of blockchain projects. He told CoinDesk in an interview that

We envisage banks could be at different levels of integration for particular use cases, and yet still being able to participate

Featured Image via Fotolia

Editors at large. Posting the latest news, reviews and analysis to hit the blockchain.
View all posts by Editorial Team -> Best Crypto Deals ->

Latest Posts

Trader Joe Review
Trader Joe Review 2022: Complete Guide to the Top DEX on Avalanche
Trader Joe Review

Trader Joe Review 2022: Complete Guide to the Top DEX on Avalanche

July 2, 2022 30 min read
Huobi Global Review
Huobi Global Review 2022: Good Exchange with DEEP Liquidity
Huobi Global Review

Huobi Global Review 2022: Good Exchange with DEEP Liquidity

June 29, 2022 37 min read
FTX vs FTX US Review
FTX vs FTX US: Which one is BEST for You?
FTX vs FTX US Review

FTX vs FTX US: Which one is BEST for You?

June 27, 2022 14 min read
Bancor Review
Bancor Review: Impermanent Loss Protector?
Bancor Review

Bancor Review: Impermanent Loss Protector?

June 22, 2022 15 min read
Bridge Mutual Review
Bridge Mutual: Insurance for your Crypto
Bridge Mutual Review

Bridge Mutual: Insurance for your Crypto

June 22nd, 2022 22 min read
Serum Review
Serum Review: Solana’s One-Stop DeFi Toolbelt
Serum Review

Serum Review: Solana’s One-Stop DeFi Toolbelt

June 16, 2022 17 min read
Raydium Review: Solana’s DeFi Liquidity Mammoth

Raydium Review: Solana’s DeFi Liquidity Mammoth

June 11, 2022 17 min read

Related Posts

Trader Joe Review
Trader Joe Review 2022: Complete Guide to the Top DEX on Avalanche
Trader Joe Review

Trader Joe Review 2022: Complete Guide to the Top DEX on Avalanche

July 2, 2022 30 min read
Huobi Global Review
Huobi Global Review 2022: Good Exchange with DEEP Liquidity
Huobi Global Review

Huobi Global Review 2022: Good Exchange with DEEP Liquidity

June 29, 2022 37 min read
FTX vs FTX US Review
FTX vs FTX US: Which one is BEST for You?
FTX vs FTX US Review

FTX vs FTX US: Which one is BEST for You?

June 27, 2022 14 min read
Bancor Review
Bancor Review: Impermanent Loss Protector?
Bancor Review

Bancor Review: Impermanent Loss Protector?

June 22, 2022 15 min read
Bridge Mutual Review
Bridge Mutual: Insurance for your Crypto
Bridge Mutual Review

Bridge Mutual: Insurance for your Crypto

June 22nd, 2022 22 min read
Serum Review
Serum Review: Solana’s One-Stop DeFi Toolbelt
Serum Review

Serum Review: Solana’s One-Stop DeFi Toolbelt

June 16, 2022 17 min read
crypto com
Crypto.com Exchange Review 2022: A World-Class Crypto Exchange
crypto com

Crypto.com Exchange Review 2022: A World-Class Crypto Exchange

June 14th, 2022 30 min read