ConsenSys Invests $6.5M in Fintech Firm DrumG Technologies

Fintech startup DrumG Technologies announced on Monday that it had secured $6.5 million in a Series A minority investment round from ConsenSys, a New York-based blockchain software developer. According to the deal, ConsenSys founder and CEO Joseph Lubin will join the startup’s Board of Directors. DrumG Technologies was established by a former executive and a team from blockchain firm R3.

DrumG Technologies started as a global firm, employing 20 people in its offices in New York, London, Bermuda, and Singapore. The team members have relevant experience in the financial markets, previously working for giant companies like Barclays, JPMorgan, UBS Investment Bank, IBM, Bloomberg, PwC, Microsoft, and more.

DrumG CEO Tim Grant commented:

“We are 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.”

The blockchain-oriented startup is already working on two enterprise apps, including the Titanium Network, which represents an OTC consensus data platform that is anonymous and decentralized. It addresses the investment bank trading and valuation services industry and has Credit Suisse as a founding member. Titanium Network is being built on Enterprise Ethereum and might be ready by the second quarter of 2019. It aims to leverage distributed ledger technology (DLT) to fix the challenges of current OTC data-sharing solutions, which rely on centralized and costly processes with limited control over data.

Emmanuel Aidoo, who manages the DLT Strategy at Credit Suisse, stated:

“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 solution proposed by DrumG is a post-trade reconciliation platform that is aimed at hedge funds, fund managers, prime brokers, and auditors.