Some of the largest companies in the world are already using the code that lies at the core of ethereum. A copy, or “fork,” of ethereum powers Quorum, the enterprise-grade blockchain at the heart of JPMorgan’s JPM Coin, a cryptocurrency designed to simplify payments between the giant bank’s partners. The Depository Trust & Clearing Corporation (DTCC), which keeps the official records for $48 trillion worth of stocks, bonds, mutual funds and other assets, is moving a huge chunk of its records to AxCore, an ethereum-based blockchain.
But if the newly formed Truffle Blockchain Group has anything to say about it, that’s just the beginning. The company, which quietly spun off from the troubled ethereum incubator ConsenSys earlier this year and makes the most widely used ethereum developer tools, has raised $3 million to expand into enterprise-grade solutions, as exclusively revealed to Forbes.
As part of that expansion Truffle today announced it is the first company to integrate with AxCore, a proprietary blockchain created by Goldman Sachs and JPMorgan-backed Axoni, and scheduled to start processing $10 trillion worth of transactions annually for the DTCC’s Trade Information Warehouse later this year.
While this and other Truffle integrations also revealed today don’t mean the DTCC or other enterprises will be using the ethereum cryptocurrency, they do mean that the developers behind high-profile, high-value projects can now build on the public ethereum blockchain, bridging the cryptocurrency world with enterprises in a new way.
“Enterprise adoption is finally happening because the maturity of our space is finally advancing to a level where enterprises can capitalize,” says Wes McVay, vice president of partnerships at Truffle. “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.”
