Ethereum development studio ConsenSys has invested $6.5 million in a blockchain startup founded by a former R3 executive.
DrumG Technologies, formed by Tim Grant, R3's former head of business development, is also adding ConsenSys founder and CEO Joseph Lubin to its board of directors, according to a press release. The investment comes as a Series A minority funding round in which ConsenSys is the sole participating investor.
"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," Grant, DrumG's CEO, said in a statement, adding:
DrumG is planning to initially focus its energies on two enterprise-centric blockchain platforms: Enterprise Ethereum and R3's Corda.
Among the specific projects is the Titanium Network, which DrumG describes as a "decentralised, anonymous and cryptographically secured OTC consensus data solution for investment bank trading and valuation operations." Credit Suisse is serving as a founding partner for the network.
Emmanuel Aidoo, Head of Distributed Ledger Technology Strategy at Credit Suisse, said,
"We are excited to work with the DrumG team and serve as a founding institution for the Titanium Network which will build the next generation OTC securities consensus pricing service," Emmanuel Aidoo, Credit Suisse's head of distributed ledger technology strategy, said in a statement.
Handshake image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.