Ethereum co-founder Invests $6.5 Million. Joseph Lubin and Founder and CEO of ConsenSys has announced a partnership founded by several senior-level executives from R3, one of the ethereum blockchain’s most heavily funded competitors. Subsequently, Lubin has invested US$6.5-million as part of the partnership.
Funding raised by a blockchain-based financial technology (fintech) startup DrumG Technologies, an enterprise blockchain software company. ConsenSys is the only sole investor which takes a minority stake in the company. Whereas, Lubin will be serving as the only outside the company to sit on the DrumG’s board of directors.
R3, DrumG, and ConsenSys?
The R3 is a New York software firm which develops systems that are competitors to Ethereum. R3 runs on a distributed ledger technology a focused research consortium of more than 200 major firms, such as Barclays, HSBC, Mitsubishi UFJ Financial Group, Deutsche Bank etc.
DrumG was formed in June 2017 in Bermuda. It is “a global team of professionals who deliver real business value to the enterprise user.”
ConsenSys, which Canadian entrepreneur Lubin created in early 2015, develops applications using the Ethereum blockchain. Based in New York, it has additional offices in San Francisco, Toronto, Dubai, Singapore, and Brisbane.
Ethereum co-founder Invests $6.5 Million. Lubin is excited to work with DrumG and stated “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. Hence, 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.”
Exponentially growing blockchain ecosystem
DrumG will have a major presence within the ConsenSys financial technology ecosystem, according to Forbes. There are currently more than 50 projects which ConsenSys manages. This partnership is a result of the change in the blockchain ecosystem. This is due to the aligned interests between the two creators of opposing platforms.
In the release, DrumG states its main goal moving forward will be building a new network for the transfer of over the counter (OTC) trading data to financial institutions on the Ethereum blockchain. DrumG is currently working on two enterprise applications.
- The first is the Titanium Network, a decentralized, anonymous and cryptographically secured over-the-counter (OTC). Using this, the consensus data solution for investment bank trading and valuation operations which is the faster, more capable and significantly cheaper option to get this information to banks.
- Secondly, it is working on a post-trade reconciliation network for hedge funds. The prime brokers, fund administrators, and auditors enabling a validated. Also, auditable and permission view of transactions and holdings between market participants.