Former R3 Executive Blockchain Project DrumG Technologies Gets $6.5 Million From ConsenSys
ConsenSys, a development studio linked to the Ethereum project is pumping $6.5 million to a start-up within the blockchain industry. The blockchain company being funded was started by, Tim Grant, who used to work for R3 as an executive.
DrumG Technologies will bring a new set of features to be leveraged by the blockchain industry players & prospective participants. Tim Grant, the company’s founder is experienced in business development as he led the R3 team. The latest news piece from DrumG Technologies says that the entity will include Joseph Lubin, CEO & founder ConsenSys to their board as part of their working relationship going forward. DrumG Technologies managed to secure these proceeds from ConsenSys in a minority Series A funding where they only got one investor.
Mr. Grant shared optimistic sentiments about this move by his company,
“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,”
Furthermore, the CEO said that the DrumG Technologies vision of integrating businesses with blockchain networks is something the team is excited about. The company hopes to capitalize its market role in the crypto & blockchain ecosystem to make significant change.
At the moment, DrumG Technologies will allocate most of its resources on two blockchain networks that can really transform enterprises; R3’s Corda & the Enterprise Ethereum.
Titanium Network is among the specific developments being undertaken by Drum G Technologies, the company has praised its innovation saying it can solve financial analysis related problems;
“decentralised, anonymous and cryptographically secured OTC consensus data solution for investment bank trading and valuation operations.”
The company working in collaboration with DrumG on the Titanium network is Credit Suisse. Its Head of Distributed Ledger Technology Strategy, Emmanuel Aidoo, said that Credit Suisse is happy about this partnership with DrumG. In addition, the company is also looking forward to a transformation of Over the Counter assets & using consensus to price.