Ethereum Co-Founder Invests In DrumG - A Startup Of Competitors. Tuesday, October 2
Ethereum Co-Founder invests in DrumG, a startup of competitors
The unusual movement seeks to develop a cross-blockchain solution
Joseph Lubin, founder of ConsenSys and co-founder of Ethereum, has made an interesting, yet unexpected move, by investing $ 6.5 million dollars into DrumG, a blockchain-based fintech startup that happens to be created by senior executives from R3, a competitor of the distributed ledger co-created with Vitalik Buterin. According to Forbes, Lubin will be joining the startup’s board of directors as the sole outsider, while his company will take a minority stake in it, and integrate it to their portfolio of projects.
He commented that the future of the decentralized Web – to be the linking of enterprises to public blockchains via the so-called Web 3.0 – will be “definitely an interledger future,” explaining that a lot of blockchain protocols will be available for transactions and automated agreements.
In relation to the terms of investment, Lubin said they will remain undisclosed, although the startup will have a notable presence within ConsenSys. Since some of the projects the company of Lubin is managing are of the financial sector, and DrumG is specialized in building enterprise distributed ledger applications for this sector, it is fitting for ConsenSys’ agenda.
“The team's proven experience in delivering enterprise solutions to regulated capital markets, combined with its deep knowledge of the blockchain technologies makes it a valuable part of the ConsenSys global financial services offering,” Lubin said.
For his part, DrumG’s Co-Founder Tim Grant explained that his startup will be working initially on two enterprise platforms. The first one, a decentralized database focused on over-the-counter (OTC) investment bank trading and valuations – called Titanium Network – will provide banks with true ownership of this data.
The second one - unnamed as of yet – is related to a post-trade reconciliation platform for hedge funds, fund managers, prime brokers and auditors. This project aims to replace the difficult post-trade services currently used to reconcile their portfolios, with a solution that records stock trades near instantly, thanks to the R3’s Corda distributed ledger.
Follow TokenTops on Twitter to stay notified about new articles, cryptocurrency news, ICO announcements and price predictions and analysis.
Legal Disclaimer: Please remember that trading, buying or any other type of investing in cryptocurrencies should be consider risky and may lead to the loss of all of the invested money. For further information visit Terms and Conditions section on TokenTops. We do not encourage our readers to any kind of financial decisions. Neither tokentops.com nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from tokentops.com. We believe that everyone should make their own and in depth research on the particular topic in various sources before making any financial decision and this person should be the only one responsible for the outcome. Our writers do their best to remain unbiased and don't actively support any project. The research is done with various sources, the predictions are based on own believes, analytical skills, experts and community discussions and is intended to convey general information only.
You may also like
Ethereum Price and Christmas Recoil?
Monero's Lead Developer Calls Ethereum: “Idiotic, unscalable idea” - Ethereum (ETH) News
Ethereum Transactions Are Outnumbered By Tron For The First Time - Tron (TRX) News
Localethereum Announced Integration With Popular Ethereum Wallets - Ethereum News
Ethereum’s Constantinople was delayed to early 2019 - Ethereum News
Ethereum Marketplace LocalEthereum To Fight Phishers - Ethereum News
You need to login to create comments.