On 1st October, DrumG Technologies, an organization aimed at building and operating blockchain-based applications for regulated global financial institutions, issued a press-release stating that they have partnered with Joseph Lubin’s ConsenSys. ConsenSys will be investing a whopping $6.5 million on the project. Joseph Lubin, the CEO, and Co-Founder of ConsenSys will serve as a member of the Board of Directors, at DrumG.
ConsenSys is the sole investor of the project, the press release stated. Tim Grant the, CEO of DrumG, stated that the company is delighted with the partnership. He went on to say that they were delighted to have Joseph Lubin as an “industry luminary” on board. Through this move, DrumG will get an opportunity to interact with a group of professionals and global resources of ConsenSys, he added.
“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.”
He further added:
“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. “
Lubin said that the DrumG team had a proven experience in delivering enterprise solutions to regulated markets combined with the knowledge of blockchain technology. In his opinion, the aforementioned expertise of DrumG will serve as a valuable part of the global financing service offering of ConsenSys.
DrumG will be focusing on building its initial applications on Ethereum and R3’s Corda blockchain platform.
Grant also said that the blockchain platforms have seen a “tremendous evolution” over the last three years and the level of sophistication in the financial community has increased over time.
Furthermore, he said:
“There is still work to do to get to functioning systems in production. We believe in delivering solutions that generate true business value on a timeline measured in months rather than years,”
He went on to say that these solutions will require a focused attention on deployment, a deepened understanding of the market in a financial and technological aspect. He also stated that hands-on experience on advantages and disadvantages of different enterprise platforms will be beneficial.
DrumG has already begun working on two enterprise applications, a Titanium network, and a post-trade reconciliation network for hedge funds, prime brokers, fund administrators, and auditors.
The Swiss-based financial giant Credit Suisse will act as the founding institute for the Titanium network. Titanium will serve as a decentralized network that is cryptographically secured Over The Counter [OTC] consensus-based data solution, to provide bank trading and valuation operations.
The post-trade reconciliation network is proposed to be built on R3’s Corda Enterprise platform. The company intends to bring it to the deployment phase in late 2019.
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