ConsenSys Spinoff Truffle Integrates With Goldmans Sachs-Supported Blockchain: Report
|Truffle is integrating with AxCore, a proprietary blockchain jointly created by Goldman Sachs and JPMorgan-supported Axoni, Forbes reported on April 29.
The ConsenSys spinoff, which makes tools that are widely used by Ethereum developers, has reportedly raised $3 million as it aims to expand into enterprise-grade solutions.
According to the Forbes report, Truffle plans to use the investment to complete a suite of blockchain development tools designed to appeal to enterprise clients.
An estimated 60% of Truffle’s current revenue comes from liaising with startups, larger corporations and governments that want to use its services. The company’s executives believe the capital will enable it to explore “other revenue-generating opportunities.” Truffle’s founder and CEO, Tim Coulter, told Forbes:
“Enterprise adoption is finally happening because the maturity of our space is finally advancing to a level where enterprises can capitalize.”
Coulter added that the U.S.-based company plans to grow beyond the Ethereum ecosystem and “go where the large, important projects are.”
As reported by Cointelegraph last year, Axoni raised $32 million in a funding round led by Goldman Sachs amid plans to process transactions for the Depository Trust & Clearing Corporation’s Trade Information Warehouse by using distributed ledger technology. DTCC held an active test phase of the technology in November 2018.
Cointelegraph has contacted Truffle for comment but has yet to receive a response as of press time.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.