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.
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