Blockchain Startup DrumG Technologies Secures $6.5M USD Investment From ConsenSysbr>
Blockchain specialist ConsenSys has invested $6.5 million in blockchain startup DrumG Technologies. As part of the investment, ConsenSys will take a minority stake in DrumG, and ConsenSys founder and CEO Joseph Lubin will join as the sole outside member of the board of directors.
Founded by former R3 executive Tim Grant, DrumG is a financial technologies company with global offices in New York, London, Bermuda and Singapore. It is building “next generation” enterprise blockchain business networks and applications for the regulated global financial services industry.
“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,” said Tim Grant, CEO of DrumG. “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.”
DrumG is focusing on building applications on enterprise ethereum and R3’s Corda Enterprise. The first project is the Titanium Network, a decentralized, anonymous and cryptographically secured OTC consensus data solution for investment bank trading and valuation operations. The project includes Credit Suisse as a network founding institution. The Titanium Network is being developed on the enterprise ethereum platform, and DrumG is preparing for a Q2 2019 live deployment.
“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,” said Emmanuel Aidoo, Head of Distributed Ledger Technology Strategy at Credit Suisse. “We look forward to welcoming other financial institutions to the Titanium Network.”
The second project, proposed to be built on R3’s Corda enterprise platform, will be a post-trade reconciliation network for hedge funds, prime brokers, fund administrators and auditors. The solution aims to enable a validated, auditable and permissioned view of transactions and holdings between market participants. The startup is currently working with significant industry players to form the network of founding institutions, with a view to deployment in late 2019.
“We are very familiar with the DrumG team and value its track record in the enterprise financial services space, as well as its strong foundation in enterprise blockchain,” said David E. Rutter, Founder and CEO at R3. “We look forward to continuing our partnership with DrumG and to building business networks on the R3 Corda Enterprise platform.”