Ethereum-Based Developer Suite Truffle Gets $3 Million from ConsenSys to Attract Enterprise Clients

The popular Ethereum-based development framework company Truffle Suit has decided to move past ConsenSys and go out into the world. This popular solution boasted to have over a million downloads so far and it received $3 million USD in funding from ConsenSys while the company is moving away from the accelerator for the first time.

Now, Truffle Suite will dedicate its efforts to create solutions for enterprise clients, according to Forbes. The company will use the money to hire more talent to its team and to create even more enterprise-grade solutions and development tools to fix the problems of the clients.

The company may be moving away from ConsenSys, but not completely. Joe Lubin, the founder of ConsenSys, will be a board member in Truffle Suite. The company is now also joining forces with another company called Axoni, which is backed by two major banks, JP Morgan and Goldman Sachs.

Both companies will work together on AxCore, a technology that will be used by DTCC’s Trade Information Warehouse. According to reports, the new technology will be used to move over $10 trillion USD per year, which will make it very valuable.

Before the partnership between the two companies was fully formalized, Axoni used an open source software that was also developed by Truffle Suite, but now they will use a more advanced product.

According to the Vice President of Partnerships at Truffle Suite, Wes McVay, the blockchain sector is finally getting more mature now. This allows companies to finally be able to advance on their most important partnerships and to capitalize on their technology with important clients.

McVay also affirmed that now the company will be able to finally its goals and to create the experiences as they should be.

The first enterprise clients of Truffle Suite will be shown soon. It was already revealed, however, that there are already plans to integrate solutions with the ones created by JPMorgan like Quorum and Intel’s Hyperledger Sawtooth.

About ConsenSys

ConsenSys is a company focused on accelerating Ethereum-based projects. The company, which was founded by Joe Lubin, basically gives the structure that the projects need in exchange for some stake in them when they are profitable.

Last year, the bear market made ConsenSys fire most of its employees and the company is predicted to have losses in 2019, however, most of the projects are finally “graduating”, so profits are expected in 2020.

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Gabriel Machado
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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