Ethereum co-founder invests $6.5mm in enterprise blockchain business
Ethereum co-founder, Joseph Lubin, invests $6.5mm in enterprise blockchain business DrumG Technologies. The investment comes as a Series A from ConsenSys AG, where Lubin is the CEO.
“We are excited to partner with DrumG Technologies as a strategic investor and as a part of our broad portfolio of activity in the enterprise distributed ledger space. The team’s proven experience in delivering enterprise solutions to regulated capital markets, combined with its deep knowledge of the blockchain technologies makes it a valuable part of the ConsenSys global financial services offering.” – Joseph Lubin, Co-Founder of Ethereum and Founder and CEO of ConsenSys
According to a Forbes article, DrumG “has a provisional U.S. patent on technology designed to standardize the way its clients talk about business workflows.”
Initial applications of DrumG will be built on Ethereum Enterprise and R3’s Corda Enterprise, two of the world’s leading enterprise blockchain platforms. To build these applications, DrumG has 20 employees across New York, London, Singapore and Bermuda.
“We look forward to following DrumG Technologies as it leads the way in connecting the business networks of the future in enterprise financial services.” –David Burt, Premier and Minister of Finance for Bermuda
As far as applications, DrumG is currently building out two enterprise solutions.
Firstly, they are building the Titanium Network: A decentralized, anonymous and cryptographically secured OTC consensus data solution for investment bank trading and valuation operations, which includes Credit Suisse as a network founding institution. DrumG is preparing for a Q2 2019 launch and is being built on the next generation Enterprise Ethereum platform.
“We are excited to work with the DrumG team and serve as a founding institution for the Titanium Network which will build the next generation OTC securities consensus pricing service. We look forward to welcoming other financial institutions to the Titanium Network.” – Emmanuel Aidoo, Head of Distributed Ledger Technology Strategy at Credit Suisse
Secondly, DrumG is building a post-trade reconciliation network for hedge funds, prime brokers, fund administrators and auditors, enabling a validated, auditable and permissioned view of transactions and holdings between market participants. The launch date is scheduled for late 2019 and should be built on R3’s Corda Enterprise.
In the longer term, Grant says, “networks should be able to interoperate.” That’s the “real goal.”
As far as press, there will be an event hosted by ConsenSys and the Bermuda Business Development Agency in Hamilton, Bermuda. There will be presentations by ConsenSys with DrumG at the forefront. Additionally, there will be a fireside chat with Joseph Lubin and the Premier of Bermuda, David Burt. The chat will be moderated by DrumG’s Tim Grant.