ConsenSys Invests $6.5mln In Enterprise DLT Firm DrumG Tech
Ethereum (ETH) co-founder Joe Lubin has completed a $6.5 million investment to obtain a marginal share in enterprise distributed ledger (DLT) startup DrumG Technologies, Forbes reports October 1.
Lubin’s stake acquisition was made through his blockchain firm ConsenSys, and is significant given that DrumG Technologies is guided by senior level executives from the apparent competitor blockchain consortium R3.
Lubin will supposedly associate himself as an external member on DrumG’s board of directors, and correspondingly, DrumG will get a “significant presence” inside the ConsenSys ecosystem.
As Forbes notes, DrumG was established as a reply to a possible conflict in the budding blockchain domain as coders of open-source blockchain protocols face the job of persuading firms to implement a technology that is basically upsetting prevailing business models.
DrumG supposedly endeavors to tackle this possible “conflict of interest” and plans to make the implementation of numerous interrelated distributed ledgers a actuality in the corporate world. Lubin is cited by Forbes as saying that:
“The decentralized web future — web 3.0, linking corporations to public blockchains — that’s definitely an interledger future. It’s going to be hundreds of thousands of decentralized protocols for trusted transactions and automated agreements.”
Forbes further states that Lubin’s association with DrumG goes back to his convening with Tim Grant when the latter held the position as CEO of R3’s Lab and Research Center. DrumG’s official establishment in the blockchain-friendly island of Bermuda in August 2017 then supposedly quickened talks of a significant partnership between the two.
Commenting on the joint venture with Lubin, Grant told Forbes that the outlook of blockchain depends on not supplanting one centralized, proprietary system with a similar new system. He laid out forethought of dynamic “convergence” in which “tribalism will dissipate.”