Blockchain team members leave Deloitte to form startup

Rage Comment : Deloitte has established cooperative relationships with many blockchain startups and developed the Rubix platform to provide blockchain consulting services; but recently three employees announced that they would leave Deloitte's blockchain R&D team and set up a blockchain startup Nuco. According to the company's founder, they left not to compete with Deloitte, but to hope that the new company could obtain more funds and would cooperate with Deloitte in the future. Indeed, the blockchain field has always maintained an excellent financing advantage, and the first to bear the brunt is the DAO, the largest crowdfunding project in history.

Translation: Annie_Xu

Three Deloitte employees have left the blockchain team that customized distributed ledger products for enterprises to work on Deloitte's competitive product development.

The founder of startup Nuco said he left Deloitte simply because he wanted to get funding faster.

Mathew Spoke

Nuco CEO Mathew Spoke said they do not compete with their Deloitte colleagues but would choose to work with them first.

“We stayed in the direction of what we were doing at Deloitte, except we needed more funding and realized we could get more money faster as an independent firm.”

The company currently has a team of 6 people located in Toronto, Canada, and is building a customizable technology stack that users can use to develop blockchain services and simplify many use cases.

Nuco’s business model is to build, license and deploy customized private blockchain networks for various industries, especially providing compliance tracking tools for enterprises that rely on the Securities and Exchange Commission (SEC) and federal regulatory environment.

Technology Integration

Deloitte's Rubix blockchain division was established in 2015 and is committed to becoming a pioneer in global blockchain exploration for financial institutions.

As the work progresses, Deloitte hopes to focus on the development of client blockchain applications, while integrating the Ethereum network and the Nuco platform to develop applications. There are already five blockchain companies working with Deloitte.

Terry Stuart

Terry Stuart, Chief Innovation Officer at Deloitte Canada, said:

"The key is that we get the Rubix core out, and we hope the Nuco team can make new progress."

Under the agreement with Deloitte, Jinius Tu, Rubix’s lead blockchain developer and Nuco co-founder, will work at Rubix for two to three weeks to formally hand over all of Deloitte’s intellectual property developed by the team.

Spoke and co-founder and Deloitte blockchain expert Kesem Frank have officially joined Nuco as employees.

first step

In the first few weeks to months, Nuco will focus on strategic deployment to gain market share.

In addition to the technology stack, another ongoing project is to release the company’s products to Microsoft’s Azure platform in order to simplify the process of enterprise blockchain technology development, Spoke said.

Spoke said Nuco is currently in the process of raising its first round of funding, which will close soon.

The company does not plan to distribute the funds it has raised, and the co-founders have leverage in negotiating terms. Stuart said Deloitte hopes to become a minority investor in the company.

Spoke said:

“This is my first foray into entrepreneurship, but our experience working together will be helpful in negotiating with investors.”