Financial technology firm Calypso has inked a deal with blockchain consortium R3 to develop applications for its Corda platform.

Calypso, founded in the 1990s, develops software for capital markets. It is working with R3 to build a trade confirmation app to function on top of Corda, a distributed ledger platform for managing financial contracts. Corda, formally unveiled in April, is expected to be released open-source later this week.

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In statements, the firms suggested that the trade confirmation app would be the first of a number of products developed by Calypso for the Corda platform.

“Our current matching solution is only the beginning,” Calypso CEO Pascal Xatart said of the deal.

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The news comes as R3 moves to close a multi-party funding deal with members of the blockchain consortium. Though some member banks, including Goldman Sachs and Banco Santander, have moved to exit the initiative, many members are reportedly backing the funding effort.

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