Waves, an open blockchain network which is helping digital startups to create their native tokens, claims that it has raised $120 million to build a private version of its Vostak system for government and corporations.
Dolfin, a London based financial firm led the fundraising round for private investors, Waves mentions in an official blog from 19 December.
The Waves token has seen an astounding jump in its price since last 24 hours to almost $4.12 (at 6:44 am IST), as per data available through CoinmarketCap.com.
Waves platform was founded by Sasha Ivanov, a Russian engineer in Switzerland. Experience a benefit in its profit trough Initial Coin Offerings that enables startups to create and sell tokens using its distributed-ledger technology, which it promotes as an easy to use blockchain.
Speaking in an interview from his Moscow office Ivanov said, “The cryptocurrency rush is over now, while the idea of using a decentralized network to store data and cut costs is still relevant.”
According to Ivanovs believe, the private blockchains which have limited user base are more effective in securing data. He also noted that state entities are hesitant towards using a public blockchain because of vulnerability in its security.
The platform through Vostok plans to approach the market similar to that of International Business Machines Corp-led Hyperledger in America, with a focus towards Asia, Europe and Russia market, with a target launch of its first project in the beginning of 2019.