Waves Raises $120 Million for a Private Blockchain
#WavesPlatform securing $120 million investment for integration of #Vostok #blockchain in enterprise and government IT-systems. First funding round gives Vostok project an approved value, second round scheduled for early 2019: https://t.co/a8ad0J4bsk$WAVES #Fintech
— Waves Platform (@wavesplatform) December 19, 2018
According to the announcement, the Vostok system is compatible with Waves’ public blockchain and represents a universal blockchain solution for scalable digital infrastructure that is both private and capable of easy optimization.
The Vostok network supposedly will be fueled by Vostok System Tokens (VST), which could potentially be distributed through a public sale — with 3% of the total supply airdropped to WAVES holders. Waves notes that it is currently reviewing the legality around a public sale, and if determined to be viable, it will be conducted only through Waves System Token.
The $120 million fundraising round was led by London-based financial services group Dolfin and included participation from numerous private and institutional investors.
“The cryptocurrency rush is over now, while the idea of using a decentralized network to store data and cut costs is still relevant,” Waves founder Sasha Ivanov told Bloomberg on Wednesday. The company is now planning to compete with established corporate ledger platforms, outside of the United States.
More: New Addition to Waves Ecosystem, Vostok Project, Secures $120 Million in First Investment Round
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.