Joseph Lubin partners DrumG technologies with $6.5 million. The partnership makes Consensys, Joseph’s firm the sole investor of the fintech project.
Another $6.5 Million Enters Fintech Industry
Joseph Lubin, a co-founder of Ethereum network, and CEO and Founder of Consensys, has invested in DrumG technologies fintech project.
DrumG technologies, an organization that aims at building and operating blockchain based application for regulated global financial institutions.
As stated in its press release the investment of $6.5 million by the Joseph Lubin’s Consensys makes the company the sole investor of its project and also Joseph Lubin will serve as a member of the Board of Directors, at DrumG.
The CEO of Drum G, Tim Grant stated in the firm’s press release that the company is delighted with the partnership and very delighted to have Joseph Lubin on board, who is an inspiration in the industry. He further noted that the step would enable the firm to meet with the top big wigs in the industry and the group of professionals and the global resources of Consensys.
Also, Joseph Lubin stated that Consensys is delightful to engage the marketplace with its unique ledger appropriate positioning and also to play a significant role in aiming at the generation of real business value through the deployment of enterprise blockchain networks.
Further, Joseph noted that the firm is excited to partner with DrumG technologies as a strategic investor and also as a part of the broad portfolio of activity in the enterprise distributed ledger space.
DrumG’s team is said to be in possession of well-nourished experience in delivering enterprise solutions to the regulated markets. This is in combination with the knowledge of blockchain technology. Joseph is of the opinion that the qualities possessed by the DrumG team will be useful for the global financing industry.
DrumG and its Proposed Project
The initial application of the DrumG’s project would be built on the Ethereum and the R3 Corda blockchain platform.
DrumG’s CEO had also noted that the R3 Corda Blockchain platform had seen a tremendous revolution in the last three years. However, he added that there is the need for more work in getting the system functioning for production while admitting that the level of sophistication in the financial community has also increased over time.
Further, Grant noted that the company is a firm believer of delivering solutions that generate true business value on a timeline measured in months rather than years.
Also as stated by Grant, the solution will require the focus on deployment, a deepened understanding of the market in a financial and technology aspect.
Also, DrumG has been working on two enterprise applications. These are Titanium network, and a post-trade reconciliation network for hedge funds, prime brokers, fund administrators, and auditors.