Waves Platform Secures New $120m Investment for Private Blockchain Development

Waves Platform Secures New $120m Investment for Private Blockchain Development

The team behind the Waves Platform team has announced that it has raised $120 million in a recent fundraising round with private investors, and will channel the capital into the creation of a private blockchain and system integrator named Vostok.

The Vostok project is already under development and a launch for the Asian and European markets is scheduled for early 2019.

Corporations and Government Agencies

Waves emerged from a successful ICO in 2016 and positioned itself as an efficient smart-contract alternative to market leading Ethereum.

Whilst the Waves’ public blockchain is indeed faster than the Ethereum network and has enabled digital startups to create its own tokens, it is Vostok’s private capabilities that are now expected to attract wider business interest.

Sasha Ivanov, CEO and founder of both Waves and Vostok, believes that “The Vostok project lies at the intersection of several disruptive technologies, including Blockchain, Big data, Artificial Intelligence and the Industrial Internet of Things. By implementing those in the IT infrastructures of corporations and government agencies, we are laying the foundation for the digital economy.”

According to the company’s press release, a London-based financial services group called Dolfin led the latest funding round and only investors who operate in Vostok’s key target markets were approached to participate.

Financial commitment from these investors was only part of the equation as “They also had to have the expertise and motivation to use their business resources to further the project, as well as a portfolio of projects for which Vostok technologies would be beneficial.”