ConsenSys Invests $6.5 Million In DrumG Tech

October 1, 2018 | 2 Comments

DrumG Technologies, which is registered in Bermuda, have obtained a $6.5 million investment from blockchain company ConsenSys, and ConsenSys founder and CEO Joseph Lubin is set to serve on the DrumG Technologies Board of Directors.

The company participated in its first public engagement today at an event hosted by ConsenSys and the Bermuda Business Development Agency in Bermuda, which Mr Lubin and Premier David Burt also spoke at, as pictured below.

Mr Lubin is quite prominent in the digital currency business, having co-founded Ethereum one of the world’s most popular cryptocurrencies, and the businessman is reported to have a net worth exceeding $1 billion, with Forbes listing him as one of the “20 Wealthiest People In Crypto.”

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Tim Grant, CEO of DrumG, said, “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.

“We are also excited to enter the marketplace with our unique ledger appropriate positioning and to play a significant role in driving towards the generation of true business value via the deployment of enterprise blockchain networks.”

Joseph Lubin, Co-Founder of Ethereum and Founder and CEO of ConsenSys, said, “We are excited to partner with DrumG Technologies as a strategic investor and as a part of our broad portfolio of activity in the enterprise distributed ledger space.

“The team’s proven experience in delivering enterprise solutions to regulated capital markets, combined with its deep knowledge of the blockchain technologies makes it a valuable part of the ConsenSys global financial services offering.”

The company said, “A global startup, DrumG Technologies employs 20 experienced professionals across its offices in New York, London, Singapore and Bermuda. The team’s experience combines decades of leadership in institutional financial services and technology firms such as UBS Investment Bank, Barclays, J.P. Morgan, Bloomberg, IBM, PwC, Microsoft, Thomson Reuters, UBS O’Connor, Millennium Management, GETCO and Pivotal, while several members, including the founding team, held management positions at R3.”

“We have seen tremendous evolution of enterprise blockchain platforms in this space over the last three years and the level of sophistication and preparedness within the financial services community has also increased,” added Mr Grant.

“However, there is still work to do to get to functioning systems in production. We believe in delivering solutions that generate true business value on a timeline measured in months rather than years, which requires a radically pragmatic focus on deployment, a deep understanding of financial markets from both a business and technology perspective, and hands-on experience of the strengths and limitations of different enterprise platforms.”

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. We look forward to welcoming other financial institutions to the Titanium Network.”

The second DrumG solution will be a post-trade reconciliation network for hedge funds, prime brokers, fund administrators and auditors, enabling a validated, auditable and permissioned view of transactions and holdings between market participants. The solution is proposed to be built on R3′s Corda Enterprise platform with a view to deployment in late 2019. DrumG is currently working with significant industry players to form the network of founding institutions.

David E. Rutter, Founder and CEO at R3, said, “We are very familiar with the DrumG team and value its track record in the enterprise financial services space, as well as its strong foundation in enterprise blockchain. We look forward to continuing our partnership with DrumG and to building business networks on the R3 Corda Enterprise platform.”

Premier David Burt said, “Bermuda is setting the standards for fintech businesses and offers a sophisticated, modern and well-regulated jurisdiction where innovators can bring their ideas to life. We look forward to following DrumG Technologies as it leads the way in connecting the business networks of the future in enterprise financial services.”

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Comments (2)

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  1. eyes wide open says:

    but have they employed any Bermudians?

    the answer is NO.

  2. The Original Truth™ says:

    Bermuda will never be able to compete with the blue chips. They are gambling with tax payers money & they will loose it. There’s a reason why these company’s fail to list on their own local stock exchange. The big players deal with IPO not ICO.

    https://www.forbes.com/sites/panosmourdoukoutas/2018/06/01/ibm-will-beat-bitcoin/#2dbd6779696c

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