Saudi Arabian energy companies invest millions in an American blockchain startup!

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An American blockchain startup Data Gumbo Co. Raised $6 million in a series A equity funding round from major Saudi Arabian energy companies. These companies include natural gas company Saudi Aramco. 

Data Gumbo commercial blockchain network

These raised funds are meant for the development of Data Gumbo’s commercial blockchain network. Additionally, company’s technical, sales, and marketing teams will also receive funding, bringing this total funding to $9.3 million.

“We enabled the first application of blockchain technology in the offshore drilling industry and will continue to break new ground with applications of BaaS (Blockchain-as-a-Service) to improve the bottom line of companies of all sizes. Blockchain will have a major impact on the oil and gas industry – and all global industries – and we will lead the charge in its broad adoption for sweeping operational improvements,”

said Andrew Bruce, CEO of Data Gumbo

The Saudi Arabian investors expect that this investment will help Data Gumbo to improve oil and gas supply chains by eliminating disputes and enabling automated payments. As well as decreasing reconciliation times between supply chain counterparts.

“Distributed ledger technologies have the potential to bring win-win efficiencies between industrial companies and their suppliers, and Data Gumbo is at the forefront of introducing this innovation,”

said Daniel Carter, senior investment director, SAEV.

About Data Gumbo

Andrew Bruce founded Data Gumbo. He is a former executive at National Oilwell Varco and MHWirth. He is a serial entrepreneur with 20 years of experience in the software and energy industries. Bruce built Data Gumbo after identifying a multi-million dollar cost-saving opportunity to eliminate a sizable inefficiency between an oil super-major and one of its suppliers. Bruce devised a blockchain solution, spurring the creation of Data Gumbo’s BaaS distributed ledger network to automate contract execution.

Why does this matter?

Oil and energy companies coming into blockchain tech is a massive step towards a broader blockchain mass-adoption. Oil, gas and energy is a huge industry with a value of multiple billions of dollars. However, this does not coincide with cryptocurrencies as such. We see that some of the largest industries in the world already use blockchain tech. After blockchain comes cryptocurrencies. Blockchain as a technology is now booming in all sorts of industries. Presumably, it will continue with this pace onwards as well. Blockchain will be on every corner in every industry because it is an update to the old system. It’s called evolution.

However, we still have got no idea how blockchain will be used in the future and how it is going to be developed. It’s like in the early days of internet. No one could possibly imagine a world like we are living in right now. Internet is the key component of today’s modern society and blockchain will be the key component for the next modern society.

The only question is – when we will start broadly adopting cryptocurrencies? 


Photo by Sharon McCutcheon on Unsplash

ConsenSys Seeks for $200 Million From Outside Investors

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Recently reported by The Information, a Brooklyn-based blockchain company ConsenSys is seeking for additional $200 million from outside investors. It was founded by Joseph Lubin, the co-founder of Ethereum. 

ConsenSys Grew too Quickly

During the bull market of 2017, ConsenSys reached near 1,200 employees. However, at the end of 2018, they came to a decision to lay off 13% of their staff, because of the long-lasting bear market. Now they have approximately 900 employees. Judging by recent reports, ConsenSys revenue last year was around $20 million. That could be the main reason why they are seeking an additional investment. When comparing to other large blockchain companies ConsenSys seems to be using a different business model. For example, Ryan Selkis, the founder of Messari, tweeted a data slide from the annual DCG summit showing off the company’s numbers:

When comparing to yearly revenue reports on DCG (Digital Coin Group) we see that they managed to do over $100 million in revenue in 2018 with only 8 employees in the parent company and less than 100 total employees. Anthony Pompliano says that Coinbase is rumored to have done over $1 billion in 2018 revenue. However, Binance showed $78 million in revenue in only the first quarter of 2019. Binance has approximately 500 employees across the world.

While many say that these are not comparable companies, we can compare different business approaches.

ConsenSys Revenue Mostly is Coming from its Enterprise Consulting Business.

The Information had gathered fundraising documents from ConsenSys. These documents revealed that most of the 2018 revenue comes from their consulting services. This year, they plan their revenue to be around $50 million with $40 million coming from their enterprise consulting business. Moreover, these documents reveal that ConsenSys has a substantial share in blockchain companies.

While their primary business revolves around building blockchain infrastructure, it might seem that they are not using it efficiently. Anthony Pompliano says in his daily newsletter:

“ConsenSys has focused on less infrastructure though and more on the applications, along with driving majority of their revenue through consulting with governments and large enterprises. It remains to be seen if the strategy will pay off in the long run, but the pressures of a deep bear market expose the difficulties with this model.”

However, he wouldn’t want to count ConsenSys out. While up to this date ConsenSys might have lived with one man funding the company – Joseph Lubin, this is just the effect of the ever-lasting bear market. Pompliano believes that when the bull market will return – ConsenSys wide range of crypto assets will explode, thus driving more revenue.

Should be able to raise the money

Many believe that ConsenSys should be able to raise the capital they need. The company is led by some of the smartest people in blockchain industry. Additionally, the large basket of crypto assets that they have acquired during the company’s existence should be enough of a reason for a potential investor. Wayne Vaughan tweeted a prediction that Microsoft will invest in or acquire ConsenSys in 2019.

Anthony Pompliano newsletter

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How To Trade Cryptocurrencies?

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How do I start trading cryptocurrencies? How to make the first trade? I believe those are one of the most asked questions in the past two years. First of all, it is considered very speculative to trade cryptocurrencies. It is very volatile and that is the main reason why many traders are jumping in on board with crypto trading. If you follow your strategy and discipline yourself, you’re bound to have good profits. Here is a list of a few advices how to start planning your strategy, what to focus on, and, eventually, become more disciplined. 

Don’t follow the hype

As we experienced previously most of the massively hyped projects in crypto are now down almost 98% since their peak prices. These type of investments are mostly based on the hype that the community generates. Be smart. The saying “buy the rumor sell the news” is there for a reason.

Top Losers from ATH. Source:

Take small profits, don’t be greedy

It’s much better to take small profits like +2% or even +1% in the long term. Don’t be greedy, trade cryptocurrencies with ease, and don’t expect your investments to rise more than +10% to +50%. It will most likely never happen again in crypto. For daily stock traders, there is a “1% risk rule”. This keeps your capital losses to a minimum and avoids harsh market conditions. You can achieve this by using targets and stop-loss orders. The provisional idea is that if you take a 1% profit on every trade you make after a year you can grow your capital by +365%. Think long term, not short.

Follow your gut/heart

Most of the times, you kind of feel when the market is starting to switch directions. Again – don’t be greedy and do what you think is best for you. If you have a feeling, based on your experience and knowledge – follow it. It is better to take profits on +1% – +2%, than rather loosing -10%, or even everything on your trades or investments. Most beginner traders have this feeling that I won’t get this chance anymore, so I have to use it 100%. That is false. The market is constantly evolving and more projects and institutions are coming in, so don’t worry about your single trade.

Cash out everything to fiat

While some experts say that Bitcoin mass-adoption is a 50-year long-term plan, it is highly unlikely that the broader society will switch to only Bitcoin or even cryptocurrencies in general. At the moment, and for a couple of years from now on, fiat will be the main form of money and as they say “a bird in hand is better than two in the bush”. I’ve heard stories from many investors, that they cashed out everything to fiat when the bull-run started to emerge. They took all the profits when Bitcoin was at $9000 – $10,000. Of course, they could’ve profited more, but how do you think – are they regretting something at this point?

Educate yourself constantly

There is nothing more valuable than education. It won’t do any harm to you or your investments, only good. You have to stay up to date. Learn about cryptocurrency trading. Learn more about the industry that you have invested in, and know every little detail. It will grow your confidence in regards to your trades or investments.

Do Your Own Research

This binds with the first advice – don’t follow the hype. You have to research the assets you are willing to invest in by only yourself. At this time, when social marketing and the internet, in general, is constantly evolving, you have to understand, that nobody will share valuable information for free.

Further, this also applies to your gut and nerves. You will feel constant anxiety in those cases when you follow a different opinion rather than yours. On the other side, when you build your investments only based on your own knowledge, you will feel more safe, and secure about your decisions. Trade your cryptocurrencies with knowledge!

Never invest money that you can’t afford to lose

There are countless stories of people investing their life savings, mortgaging properties, applying for loans, and in general, investing more money that they can afford. These actions are at very high risk, and almost never pays off. Again – it is better for everyone around you if you trade cryptocurrencies with only the amount that you can afford to lose. Even if that is only $10, you will feel more calm and balanced. Because at the end of the day – these are investments, which are meant to improve your life, not destroy it. Crypto investing is unique in its base – you can invest small amounts in almost every kind of a project. Crypto investments of as little as $7 dollars can gain you multiple thousands in return. And it is definitely better to lose $7 dollars rather than $700.

“Be happy about what you have, not what you could’ve had!”

However, this is not financial advice. I don’t have a financial degree. This summary is only based on my and my friends experience. Do your own research and don’t base your opinion on somebody else. And most importantly – educate yourself! 

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McAfee admits he invested in Docademic

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In a recent tweet from John McAfee (@officialmcafee) he admitted that he has invested in an healthcare ICO called Docademic.

He wrote: “Yes I am an investor in Docademic. I invested as soon as I saw their groundbreaking system. But I do not need their money. I invested to help Docademic…”

Docademic has its own token – the medical token currency (MTC), and it encourages the use of the blockchain as a trustful repository for health-related information and motivates the common user to exchange their data for benefits provided by third parties. Docademic aims to make free healthcare a reality, thus becoming the first cryptocurrency to do so.