As per the latest report, Waves which is a platform for Global blockchain has successfully managed to raise $120 million in funding for its upcoming project Vostok.
This particular project of Vostok is a solution for global blockchain that unites two basic elements — its own possessed platform for blockchain and the Vostok integrator for systems, a tool for creating, developing and eventually platform optimization.
The Vostok blockchain aims at integrating Waves technologies with public and government IT systems. This product is believed to bring solutions to the Waves Platform for developing new technologies such as Artificial Intelligence (AI), Internet of Things (IoT) and blockchains in order to support a very open and non-centralised web.
Waves is a Blockchain platform developed to provide users with the opportunity of creating their own new custom token. Those tokens may be used for loyalty programs, in-app currency creation, and for ICO founding. Waves adds new tokens or transaction types as plug-ins on top of the core software. This feature makes it not necessary for a user to update his or her software each time a new token is added to the Blockchain. The new token can be traded on Waves decentralized exchange.
London-based financial services firm Dolfin conducted the above-mentioned private funding round. Waves started working on this project in early 2018 and is expected to launch the platform in early 2019. Once launched, the project would be focussing on Asian and European markets.
In an interview, CEO of Dolfin, Denis Nagy, said that luring private funding in the blockchain industry is sometimes difficult due to the lack of financial infrastructure. Nagy commented that the recent private funding round is based on a structure that is very similar to private investors of equity. This was developed in association with Vostok.
The Waves Platform which incepted in 2016 is a blockchain platform that allows end users to create their own customized tokens and is expected to become the fastest blockchain in the world. According to a report, the platform is even faster than the Bitcoin and Ethereum blockchains which process 6.1 million transactions currently which is their highest.
With the funding news becoming popular, the Waves token went on a stiff price hike of more than 30 percent early this morning. Currently, it is ranked as the 19th largest cryptocurrency by market capitalization. The Waves token is currently transacting at $3.99, with a market capitalization of little less than $400 million. Waves coin has gone up more than 100 percent in the last one week according to a news agency.