Ethereum Co-founder Invests Millions in Former Competitor’s Company (2024)

Ethereum Co-founder Invests Millions in Former Competitor’s Company (1) Ethereum Co-founder Invests Millions in Former Competitor’s Company John Bogna · 5 years ago · 2 min read

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John Bogna

Oct. 2, 2018 at 3:00 am UTC

2 min read

Updated: Mar. 24, 2020 at 6:49 am UTC

Ethereum Co-founder Invests Millions in Former Competitor’s Company (3)

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Ethereum co-founder Joseph Lubin has announced a partnership with a company founded by some of Ethereum’s biggest competitors, according to Forbes.

Lubin is set to invest $6.5 million into Bermuda-based stealth startup DrumG. ConsenSys will take a minority stake in the company, and Lubin will become the only one outside the company to sit on DrumG’s board of directors.

During the fireside chat at the #Bermuda @consensys with @ethereumJoseph, @BermudaPremier spoke about #FinTech opportunities for young people – all you need is an idea and a laptop to create the world’s next billion dollar company. pic.twitter.com/GFeptgxBCF

— Bermuda Government (@BdaGovernment) October 1, 2018

The reason this partnership may seem odd to some is that several high-level members of a company called R3, a main competitor of Ethereum, are the ones who founded it. Nonetheless, Lubin seems excited to work with DrumG, according to the official release, where he states:

“We areexcitedto partner withDrumG Technologies as a strategic investor and as a part of our broad portfolio of activity in the enterprise distributed ledger space. The team’s proven experience in delivering enterprise solutions to regulatedcapital markets, combinedwith its deep knowledge of theblockchaintechnologies makes it a valuable part of the ConsenSys global financial services offering.”

The ‘rapidly evolving blockchain ecosystem’

Forbes says this pairing is a result of a shift in the blockchain ‘ecosystem’ resulting in aligned interests between the two creators of opposing platforms. Namely, the people that helped build blockchain networks like the Ethereal network are moving on to build newer applications that can capitalize on those networks. Such is the case with DrumG and ConsenSys.

The picture moving forward

In the release, DrumG states its main goal moving forward will be building a new network for the transfer of over the counter (OTC) trading data to financial institutions on the Ethereum blockchain. Called the Titanium Network, the company touts it as a “faster, more capable and significantly cheaper option” for getting this information to banks.

Currently, according to Forbes, banks have to compile OTC data with a third party, then compare it with data from other institutions in order to determine any insights from the data. The Titanium Network is set to eliminate middlemen from the equation.

According to the company, Credit Suisse will be a founding member of the network, and DrumG hopes to deploy it live in the second fiscal quarter of 2019.

Mentioned in this article

Consensys R3

Posted In: Ethereum, Crypto, Enterprise

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In this article

Consensys Advisory, Development, Venture Capital Company in North America

Consensys is a venture production studio and custom software development consultancy building decentralized applications (DApps), enterprise solutions and developer tools for blockchain ecosystems, focused primarily on Ethereum..

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R3 Development, Research, Technology Company in North America

R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 200 members and partners across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version for enterprise usage.

More about R3 Twitter LinkedIn

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Ethereum Co-founder Invests Millions in Former Competitor’s Company (2024)

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It's nearly impossible. There is no path for Ethereum to hit 100k before 2030, it's impossible. ETH can realistically hit $10,000 in the coming years, either in 2025 or in 2026. We are confident with our current 2024 ETH prediction, in which we forecast ETH to hit $3,525.50 before summer of 2024.

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2 Cryptocurrencies That Could Dwarf Ethereum
  • Ethereum remains the largest Layer 1 blockchain network in the world, with a massive $200 billion market cap.
  • Cardano, currently the seventh-largest crypto, needs to execute on its DeFi strategy and find new growth in emerging markets in order to overtake Ethereum.
Sep 9, 2023

What public company owns the most Ethereum? ›

Companies Holding the Most Ethereum

The top holders of Ethereum are mostly cryptocurrency exchanges, including Binance (7.2 million ETH), Huobi Global (3.3 million ETH), and OKEx (2.9 million ETH).

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Bitcoin has made many millionaires already, and you could be one, too. Over the course of its 15-year history, Bitcoin (CRYPTO: BTC) has made plenty of millionaires. In fact, data from the blockchain analytics platform Glassnode shows roughly 115,000 wallet addresses with a balance of more than $1 million today.

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So, 10 times from those levels would mean that Bitcoin could go as high as $350,000, Saylor said. If this is the case, you would need to own 2.86 BTC to become a millionaire. It would cost around $190,000 today.

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There are 88,200 crypto millionaires worldwide. 40,500 of these millionaires have amassed their fortune in Bitcoin (BTC).

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Wechsler Intelligence Scales
IQ Range ("deviation IQ")IQ Classification
90–109Average
80–89Low Average
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69 and belowExtremely Low
3 more rows

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William James Sidis was an American child prodigy with an estimated IQ of 200-300, making him one of the most intelligent people ever recorded.

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IQ scores between 90 and 109 indicate a normal range or average intelligence. Individual adults usually score somewhere in between the 70-130 range, with 100 being the theoretical average.

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