Toyota Financial Services Joins R3 Consortium

Toyota joins R3CEV, making it the first member of the auto industry to join the distributed ledger consortium.

AccessTimeIconJun 23, 2016 at 3:23 p.m. UTC
Updated Aug 18, 2021 at 4:58 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Toyota Financial Services, the financial services subsidiary of the Toyota Motor Corporation, has joined banking consortium R3CEV, making it the first organization affiliated with a major automaker to take part in the cross-industry effort.

While Toyota Financial Services largely spoke in broad terms about its strategy, the company did indicate it could seek to leverage distributed ledger tech for non-financial use cases.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • Chris Ballinger, CFO and global chief officer of Toyota USA, said in a statement:

    "Beyond finance, we believe additional applications of the technology in auto manufacturing and sales will benefit our customers by making mobility more affordable and available."

    The company is expected to work alongside R3's more than 40 other members as part of the R3 Lab and Research Centre, which creates and tests proofs-of-concept employing both distributed ledgers and blockchain technologies.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.



    Read more about