Ethereum Co-founder Joe Lubin, who is also the founder and CEO of Brooklyn-based startup Consensys, has formed an unusual partnership with rival venture DrumG.
The reason why the partnership is slightly out of the ordinary is that Consensys and DrumG have for quite some time competed against eachother.
DrumG made the announcement, reporting that Consensys was the sole investor in its $6.5-million Series A minority investment. Lubin will serve on the DrumG Board of Directors.
They’re so excited and they just can’t hide it
“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,” says Tim Grant, DrumG’s CEO. “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.”
Lubin says he is “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”.
DrumG’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”.
DrumG to finish two projects with new funding
Incorporated in August 2017, DrumG already operates in the green. It will use the new funding to complete two projects that are in their advanced stages.
One of the projects is the Titanium Network, a decentralised and cryptographically secured database for information about over the counter (OTC) investment bank trading and valuations.
The second project, which has not yet been named, is designed for clients including large hedge funds, prime brokers and fund administrators looking to replace the complicated post-trade services they currently use to reconcile their portfolios.
“But, the real goal for us, is that somewhere down the line those networks should be able to interoperate. They should be able to work together,” Grant explains.