The blockchain company ConsenSys invested $6.5 million in the startup of the former top manager of R3 Tim Grant, DrumG. The general director and founder of ConsenSys, Joseph Lyubin, joined the board of directors of the project.
As stated in the press release, ConsenSys was the only participant in the series A round. The funds will be used to develop solutions based on R3 Enterprise Ethereum and Corda blockchain platforms focused on the corporate sector.
Earlier this year, ConsenSys began working with Amazon to launch Kaleido's cloud-based blockchain service. The company also developed a platform that will be used by large international banks for trading exchange commodities.
WHY IS IT IMPORTANT?
- Joseph Lubin’s participation in the startup’s board of directors will enable DrumG Technologies to interact with outstanding professionals and use “global resources that make up ConsenSys.”
- The received funds will allow developing more of the startup’s own projects. One of them is a solution for investment bank operations called Titanium Network supported by Credit Suisse, a conglomerate from Switzerland. The product is scheduled for a release in the second quarter of 2019.
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