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Joseph Lubin Invests $6.5 Million In Blockchain Project Of Competitor

09:00 02/10/2018

Joseph Lubin, co-founder of Ethereum, signed a cooperation agreement with the blockchain company DrumG, Forbes reports.


DrumG co-founder Tim Grant and ConsenSys CEO Joe Lubin.

Source: DrumG


As a part of the joint blockchain project, Lubin will invest $6.5 million from his startup ConsenSys and will subsequently own a minority stake in DrumG. Lubin will also hold the position of the sole external representative of the board of directors.


Such a partnership agreement is very unusual, given the fact that both platforms still positioned themselves as competitors. According to the CEO of ConsenSys, he will be a member of DrumG directors, but in return, DrumG will take an active part in the development of the fintechnologies of ConsenSys, which has about 50 new projects.


DrumG co-founder Tim Grant moderating a panel with Bermuda Premier David Burt and ConsenSys CEO Joe Lubin

Source: DrumG


Lubin stated that Web 3.0, the decentralized network, which is currently under development, will connect companies and enterprises via a single blockchain system. According to the co-founder of Ethereum, such a network will consist of hundreds of thousands of decentralized protocols for trusted transactions and automated agreements in the future.


Given the close relationship between ether and Corda, distributed ledger, which was created by the fintech company R3, the DrumG team intends to work simultaneously on two platforms, adding new blockchains. Therefore, the developers plan to launch Titanium Network, a decentralized database to obtain information about the over-the-counter activities of investment banks.


As previously reported, Joseph Lubin has confidence in the development and prospects of digital currencies.

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