Financial technology startup R3CEV has received significant backing from major players in finance to develop a framework of blockchain technology for financial use.

Some of the backers include Commonwealth Bank of Australia, Credit Suisse, Barclays, BBVA, JP Morgan, Royal Bank of Scotland and UBS. The partnership continues the increased cooperation between traditional banking institutions and new fintech startups.

R3 has begun a project to develop a state-of-the-art shared ledger that utilizes blockchain technology. Through its partnerships with major banks, R3 will have access to a broad array of resources to evaluate the implementation of blockchain technology for use in financial markets.

The startup is now conducing research, experimentation and design of wide-use blockchain access and distribution. “These new technologies could transform how financial transactions are recorded, reconciled and reported,” said State Street Senior Vice President Hu Liang.

Blockchain, the primary technology behind Bitcoin, has finally started to gain attention from financial sectors across the globe. Previously Bitcoin wasn’t taken too seriously by major players. But with the emergence of the financial technology sector and alternative payment systems, traditional banks have decided dive into the fintech and the Bitcoin industry with gusto.

Through R3, the major backers of this project hope to create an integrated and streamlined set of financial tools to increase security and compatibility while reducing costs.