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BY CNA Team - October 2, 2018

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DrumG raises US$6.5mil in Series A funding from ConSenSys

DrumG to use part of funding to complete two applications
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DrumG Technologies, a Hamilton, Bermuda-based tech firm, has raised US$6.5mil from ConSenSys, the Ethereum blockchain based start-up founded by Joe Lubin.

ConSenSys is the only investor in the funding round, which gives the company a minority stake in DrumG and Lubin a seat on its board of directors.

DrumG, founded in August last year by executives who left New York-based R3, a blockchain-based enterprise software firm, is building applications that can be used on various blockchain platforms.

DrumG says in an Oct 1 press release that the company is working on two enterprise applications – Titanium Network and, according to a Forbes report, an as yet unnamed platform for institutional clients.

Part of the Series A funding will go towards completing both applications. Titanium Network is a decentralised, anonymous and cryptographically secured over-the-counter consensus data solution for investment bank trading and valuation operations.

The Titanium Network, which is being developed on the Enterprise Ethereum platform, will be rolled out in the second quarter of 2019.

Meanwhile, Forbes says DrumG is building an unnamed application for client 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.

This application will rely on R3’s Corda distributed ledger that can nearly instantly record stock trades and more, the news publication noted.

Besides Hamilton, DrumG has offices in New York, Singapore and London.

Image courtesy of DrumG website.

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