Ethereum dev tools developer Truffle raises $3M to bring blockchain to corporations


  • ConsenSys spin-off company received financing in the amount of $3 million.
  • The company plans to focus on enterprise solutions.

While cryptocurrency and blockchain industry is still waiting for a mass adoption, some large companies around the world are looking into solutions based on Ethereum code. 

According to Truffle Blockchain Group, a spin-off of the ethereum incubator ConsenSys earlier this year and makes the most widely used Ethereum, this trend is about to start snowballing. The company that creates popular Ethereum development framework and toolkits has raised $3 million with the aim to focus on enterprise-grade solutions, Forbes reports.

ConsenSys became the sole investor of this fundraising round, and ConsenSys founder Joe Lubin will enter the board of directors of the company. 

“Enterprise adoption is finally happening because the maturity of our space is finally advancing to a level where enterprises can capitalize. Not only that, but they have the funds to invest into making this the experience that it should be, the technology that it should be,” Wes McVay, vice president of partnerships at Truffle, commented.

According to the announcement, Truffle will integrate with Goldman Sachs’s proprietary blockchain AxCore and JPMorgan-backed Axoni, the latter had been using Truffle’s open-source software before formalising the partnership.

However, the raised financing will allow the company to test out new revenue-generating opportunities, Truffle founder and CEO Tim Coulter believes.
 

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