Development study Ethereum ConsenSys invested $ 6.5 million in a blockchain startup founded by a former R3 executive.
DrumG Technologies, formed by Tim Grant, former head of commercial development at R3, also added ConsenSys founder and CEO Joseph Lubin to his board of directors, according to a press release. The investment is presented as a series of minority loans in the A series in which ConsenSys is the only participating investor.
"We are pleased to welcome an industry luminary in the form of Joe Lubin to our board of directors and to have the opportunity to interact with the significant group of professionals and global resources that make up ConsenSys," said Grant, CEO of DrumG in a statement, adding:
"We are also excited to enter the market with our unique position in the single ledger and to play a significant role in leading the generation of true commercial value through the implementation of corporate blockchain networks."
DrumG plans to focus its energy initially on two enterprise-centric blockchain platforms: Enterprise Ethereum and R3 & rs Corda.
Specific projects include the Titanium Network, which DrumG describes as a "decentralized, anonymous and cryptographically protected OTC consensus data solution for trading and valuation of investment banks". Credit Suisse serves as a founding partner for the network.
Emmanuel Aidoo, responsible for the strategy strategy of Distributed Ledger at Credit Suisse, said:
"We are excited to work with the DrumG team and serve as a founding institute for the Titanium Network that will build the consensus evaluation service on next-generation OTC securities," said Emmanuel Aidoo, head of the book distribution strategy in a statement of Credit Suisse.
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