A new company called DrumG has announced itself, and a key partnership, to the world.
The company DrumG today made its first public announcement. In its “debut press release,” the Bermuda-based company, which has quietly been developing over the course of the last 15 months, claimed it has over 20 employees in offices around the world and has cemented an important partnership with ConsenSys founder Joseph Lubin.
The specifics about what products DrumG will be providing remain sketchy. What is clear, though, is the company is working in financial services, and they will not themselves build blockchains. Rather, they will “build and operate solutions and networks ON blockchains.”
In an announcement posted on Medium, CEO Tim Grant writes, “We’ve partnered with important financial institutions such as Credit Suisse as we begin building the connected business networks of the future – we’re in the process of building our first two networks as we speak.”
According to an article in Forbes, DrumG is preparing to launch something called the Titanium Network, a “decentralised, anonymous and cryptographically secured OTC [over-the-counter] consensus data solution for investment bank trading and valuation operations,” as well as a second platform intended to help large brokers and fund administrators with post-trade reconciliations.
Lubin will serve on the company’s board of directors. His company, ConsenSys, reportedly invested $6.5 million in DrumG, giving it a minority share in the new business. The partnership isn’t merely financial, however. Grant says:
“[W]e are very much enjoying working with the many extremely experienced people we are meeting in ConsenSys as well as partnering with some really interesting and promising ConsenSys companies (or spokes as they are called) like Adhara, Trustology, Fund Foundry, OpenLaw and ConsenSys Solutions.”
According to the press release, Lubin expressed excitement about the partnership and praised the DrumG team’s “proven experience in delivering enterprise solutions to regulated capital markets” and its “deep knowledge of the blockchain technologies.”
Tim Prentiss is a writer and editor for ETHNews. He has a master’s degree in journalism from the University of Nevada, Reno. He lives in Reno with his daughter. In his spare time he writes songs and disassembles perfectly good electronic devices.
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