Digital Currency Group Launches Subsidiary To Facilitate Marketplace Adoption of Blockchain Solutions
On May 22, the Digital Currency Group launched a new subsidiary to accelerate the rate of adoption of blockchain solutions into the marketplace. The subsidiary has been named DCG Connect and is designed as a membership-based organization.
DCG Connect seeks to increase the rate at which blockchain solutions are being adopted in real-world situations. It will do this by connecting its blockchain and bitcoin startup members with a diverse group of leading corporations who are also part of the DCG Connect community.
The community has started out with an impressive group of founding corporate members including IBM, Canadian Imperial Bank of Commerce (CIBC), CME Group, Amazon Web Services (AWS), Mastercard, Foxconn, Prudential, and Transamerica, among others.
The Digital Currency Group has been leveraging its networks, insights, and access to funding to help bitcoin and blockchain startups transform their ideas into real-world deployable solutions. With investments in over 100 startups, the DCG is keen to see blockchain solutions adopted on a large scale and this was the motivation behind creating DCG Connect, as stated in a company statement.
DCG connect aims to create an ecosystem where blockchain solutions are easily and quickly integrated into the marketplace. The ecosystem will be based on a blueprint that will aid established enterprises with the adoption of new platforms, products, and technologies created by the start-ups. DCG Connect hopes that this will shorten the marketplace deployment time when it comes to blockchain solutions.
DCG Connect’s Head, Meltem Demirors, explained:
“After two years working with bitcoin and blockchain companies and corporate leaders, we identified that a significant issue hindering the widespread, global adoption of blockchain is the inability to quickly connect with the right combination of partners for testing and deployment of the technology to address real-world business challenges.”
Also, DCG Connect aims to help startups educate the marketplace on the value of their technology. This will allow the startups to focus on developing the products and thus better the technology stack of the blockchain industry as a whole. Startups participating in DCG Connect include Chain, Gem, Filament, Bloq, Skuchain, Tierion, Netki, AlphaPoint, BigchainDB, and BlockCypher, among others.
DCG Connect also has plans to create a “brand neutral multi-vendor marketplace accessible across multiple technology platforms.” Startups that use different protocols, both open source and otherwise, in their technology will all be able to participate in the ecosystem. The community is free to join for blockchain startups although corporate membership is capped at 20 for the first year.
Speaking of the value of DCG Connect and the importance of allowing for multiple technology platforms, IBM General Manager Marie Weck stated: “We believe DCG’s commitment to the ecosystem of companies founding Hyperledger Fabric networks is a huge validation of the technology. We’re excited to see so many startups and enterprises moving to build on Hyperledger Fabric, and it makes sense to work with DCG to reach and serve this community better.”
DCG Connect will also work with other global stakeholders, including academic institutions, governments, regulators, and other industry bodies to spur on and support the growth of the blockchain ecosystem.