The momentum behind blockchain in finance continues with nine of banking's biggest names throwing their support behind a start-up developing the technology for Wall Street.

New York-based R3, whose chief executive David Rutter is a former head of Icap's electronic broking business, on September 15 announced it was being backed by a consortium of banks including Barclays, BBVA, Commonwealth Bank of Australia, Credit Suisse, JP Morgan, State Street, Royal Bank of Scotland and UBS.