ConsenSys invests $6.5 million on DrumG Technologies
DrumG Technologies, a blockchain startup focused on building and operating distributed ledger-based applications will receive $6.5 million as an investment from ConsenSys, according to a press release.
One prominent personality on the Board of Directors for the blockchain startup will be Joseph Lubin, Founder and CEO, ConsenSys since ConsenSys is the sole investor in this funding round.
“We are delighted to welcome an industry luminary in the form of Joe Lubin onto our Board of Directors and to have the opportunity to engage with the significant group of professionals and global resources that make up ConsenSys. We are also excited to enter the marketplace with our unique ledger appropriate positioning and to play a significant role in driving towards the generation of true business value via the deployment of enterprise blockchain networks,” said Tim Grant, CEO, DrumG.
“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,” said Joseph Lubin, Co-Founder, Ethereum; Founder and CEO, ConsenSys.
The prime focus of DrumG now is to focus its energies on two enterprise-centric blockchain platforms: Enterprise Ethereum and R3’s Corda, two of the world’s leading enterprise blockchain platforms.
The total number of employees working for DrumG right now across its offices in New York, London, Singapore, and Bermuda is twenty. The team has a great mix of people from different institutional financial services like UBS Investment Bank, Barclays, JP Morgan, Bloomberg, IBM, PwC, Microsoft, Thomson Reuters, UBS O’Connor, Millennium Management, GETCO, and Pivotal. There are also members of the founding team who were earlier managers at R3.
“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,” said Emmanuel Aidoo, Head of Distributed Ledger Technology Strategy at Credit Suisse.
According to a report by BC Focus earlier this month, ConsenSys and 14 other banks, trading firms, and an inspection company have come together to start a new venture called ‘komgo SA’. The venture plans to develop a blockchain-based platform which will help digitalize the trade and commodity market.
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