ConsenSys Invests $6.5 Million In Tech Startup DrumG Technologies Founded By Former R3 Executive

Blockchain software company ConsenSys has reportedly invested $6.5 million in DrumG Technologies, a blockchain-based financial technology startup whose founder is a former executive of R3.

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Blockchain software company ConsenSys has reportedly invested $6.5 million in DrumG Technologies, a blockchain-based financial technology startup whose founder is a former executive of R3.

ConsenSys endorses former R3 exec

Tim Grant, the founder of DrumG, is also former exec at rival R3. Grant worked for R3 as its head of business development.

The investment comes at the end of the start-up’s Series A funding round that revealed ConsenSys as the sole investor. According to a press release published October 1, ConsenSys founder and current CEO Joseph Lubin also joins the startup as a member of the board of directors.

Grant hailed ConsenSys’ investment and the subsequent inclusion of Lubin as a director as the right step for his firm. He said:

“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,”

DrumG Technologies wants to build and operate a next-generation enterprise solution based on distributed ledger technology.

Grant looks forward to deploying enterprise-focused solutions that enable interoperability between networks, advancing “shared knowledge” and ultimately transforming the financial services industry.

Grant said that the company would initially channel its efforts on two global leaders in enterprise-focused blockchain platforms: Enterprise Ethereum and R3’s Corda.

“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’s Titanium Network

DrumG describes its Titanium Network project as a “decentralized, anonymous and cryptographically secured OTC consensus data solution.” It is being developed to make OTC data sharing faster, cheaper, and more accessible.

The blockchain-based solution will improve “investment bank trading and valuation operations.” DrumG announced that it had incorporated Credit Suisse as a founding institution.

Emmanuel Aidoo, Head of Distributed Ledger Technology Strategy at Credit Suisse, said that their company was excited to work with DrumG as a founding institution, noting that Titanium Network would be instrumental in building a “next generation OTC securities consensus pricing service.”

DrumG is also working on a post-trade reconciliation network meant to help hedge funds, fund administrators, prime brokers, and auditors be able to view validated, auditable and permissioned transactions between market participants.

The team at DrumG wants to use R3’s Corda Enterprise network to build the solution which is expected to hit the market by 2019

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