- Joseph Lubin, CEO of ConsenSys, will join the Board of Directors of DrumG Technologies
- CEO of DrumG, Tim Grant has expressed his excitement over the deal, saying “…we are excited to enter the market with our unique ledger appropriate positioning and to play a significant role in the deployment of enterprise blockchain networks.”
- DrumG says its initial blockchain solutions will be built on Ethereum Enterprise and R3’s Corda Enterprise.
ConsenSys, a Brooklyn-based distributed ledger technology startup established by the co-founder of the Ethereum smart contracts blockchain network, has purchased a minority stake worth $6.5 million in DrumG Technologies, according to a press release issued this Monday. DrumG Technologies is a Fintech company focused on developing and maintaining blockchain solutions for the regulated global finance ecosystem.
Lubin to join the Board of Directors
As stated in the press release , DrumG Technologies, a Fintech company whose primary objective is to develop and maintain enterprise-grade blockchain solutions for the regulated financial services industry, has raised $6.5 million in its Series A funding round, from ConsenSys, a global DLT project founded by the co-founder of Ethereum, Joseph Lubin.
According to the DrumG team, ConsenSys is the sole investor in its Series A funding round and the investment will now pave the way for the Founder and CEO of ConsenSys, Joe Lubin to join their Board of Directors.
DrumG Technologies claims to operate according to a ‘ledger appropriate’ philosophy, working with a network of more than 10 enterprise grade DLT protocols to chart a path of interoperability between blockchain platforms as well as business networks.
The firm believes that blockchain interoperability is highly critical in the transformation of enterprises as it would open new doors of collaborative opportunities for clients.
DrumG has made it clear that its pioneer DLT solutions will be built upon Ethereum Enterprise and R3’s Corda platform.
A Wealth of Experience in Enterprise DLT
Commenting on ConsenSys strategic investment in DrumG, Lubin stated that ConsenSys is highly impressed by their vast experience in the development of enterprise DLT solutions and the move is part of the firm’s ‘broad portfolio of activities in the blockchain industry’.
“DrumG’s proven experience in delivering enterprise solutions to regulated capital markets, combined with its deep knowledge of DLT makes it a valuable part of the ConsenSys global financial services offering,” said Lubin.
Founded in October 2014 by Joe Lubin, ConsenSys has been contributing its bit to the growth and development of blockchain and the cryptospace.
As reported by Blockchain Reporter on September 8, ConsenSys joined forces with Coursera to launch blockchain certification course for Non-developers.