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Blockchain startup R3 cuts fund-raising target to $150 million: source

November 21, 2016 2:14 PM EST

By Anna Irrera

NEW YORK (Reuters) - Blockchain company R3 CEV has reduced the amount it aims to raise from bank members in its first large round of equity funding to $150 million from $200 million and is changing the structure of the deal, according to a person familiar with the plans.

R3, a New York-based startup that runs a consortium of more than 70 financial institutions, now plans to give bank members a 60 percent equity stake in exchange for the funding, the source said.

More than 90 percent of its original 42 bank members have expressed an interest in investing, the source... More