Ethereum development framework Truffle breaks away from ConsenSys to work with enterprise clients like JPMorgan Chase
Produced by Odaily
Author | Qin Xiaofeng
Editor | Lu Xiaoming
according toForbesProduced by Odaily
Author | Qin Xiaofeng
Editor | Lu Xiaoming
Truffleaccording to
ForbesCoindeskAccording to news, the Ethereum development framework Truffle recently announced a partnership with AxCore. The two plan to process transactions worth $10 trillion per year for the DTCC (Trust and Clearing Corporation) trade information warehouse later this year.
AxCore is an enterprise-grade private chain co-founded by Goldman Sachs and JP Morgan; DTCC, which maintains official records of $48 trillion worth of stocks, bonds, mutual funds and other assets, plans to transfer a large number of records to the blockchain platform AxCore.
"Enterprise-grade usage is finally starting because we've finally reached a level of maturity in the space where enterprises can take advantage," said Wes McVay, vice president of Truffle.
It is a set of Ethereum development framework based on the Solidity programming language, incubated by the ConsenSys incubator. As the price of Ethereum peaked at $1,300 in January 2018, the number of Truffle downloads has continued to increase; peaking at 115,890 downloads in January 2019, the total number of downloads currently stands at 1.7 million.
However, the ConsenSys incubator is having a hard time as the cryptocurrency market enters a bear market. according to
According to reports, ConsenSys only earned $21 million in revenue in 2018 and is currently seeking financing from external investors with a target of $200 million.
In this context, ConsenSys has stepped up to spin off its incubation companies, and Truffle is one of the first companies to be split off and become independent. However, ConsenSys did not let these companies fend for themselves. For example, it invested $3 million in Truffle to help Truffle develop enterprise users. As a condition of the investment, ConsenSys founder Joe Lubin (who also co-founded Ethereum) became a member of Truffle’s board of directors.
Truffle, which employs 22 people in the U.S. and Canada, plans to use the money later this year to develop a set of enterprise-grade blockchain development tools and trial them on the businesses of its first enterprise customers.
"This funding will take some of the pressure off of generating revenue and give us more time to explore ways to generate revenue," said Truffle founder and CEO Tim Coulter.
Wes McVay said 60 percent of the company's revenue comes from blockchain consulting for startups, large corporations and governments, and 35 percent comes from Truffle University, which launched in 2018 to train developers to build ethereum and other blockchains .
