Ethereum advancement workshop ConsenSys has actually spent $6.5 million in a blockchain start-up started by a previous R3 exec.
DrumG Technologies, created by Tim Grant, R3’s previous head of company advancement, is likewise including ConsenSys creator as well as CEO Joseph Lubin to its board of supervisors, according to a news release. The financial investment comes as a Series A minority financing round in which ConsenSys is the single taking part capitalist.
“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,” Grant, DrumG’s CEO, claimed in a declaration, including:
“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 intending to at first concentrate its powers on 2 enterprise-centric blockchain systems: Enterprise Ethereum as well as R3’s Corda.
Amongst the certain tasks is the Titanium Network, which DrumG refers to as a “decentralized, anonymous and cryptographically secured OTC consensus data solution for investment bank trading and valuation operations.” Credit rating Suisse is functioning as a founding companion for the network.
Emmanuel Aidoo, Head of Distributed Ledger Technology Strategy at Credit Suisse, stated,
“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,” Emmanuel Aidoo, Credit Suisse’s head of dispersed journal innovation approach, claimed in a declaration.