Global Blockchain platform Waves has raised $120 million in a private funding round for its new project called Vostok

Decentralized blockchain platform Waves has raised $120 million in a funding round led by Dolfin, a London-based financial services group.

Founded in Switzerland in 2016, Waves is a decentralized blockchain platform focusing on custom blockchain tokens operations. Earlier this year, the company founded Vostok, a startup aiming to offer private, permissioned blockchain-based databases, distributed computing and integration services. It is primarily intended to connect public administration services, banks, registries, and payment providers to form the foundation of the digital infrastructure for the certifying, registering and tracking of data.

Waves said the latest funding will allow them to roll out Vostok’s platform and develop new technologies such as artificial intelligence (AI), Internet of Things (IoT), and blockchain in order to “support a truly open and decentralised web.”

“While compatible with the Waves public chain, Vostok represents a universal blockchain solution for scalable digital infrastructure comprised of two constituent elements: the Vostok private blockchain platform – a fundamental technological innovation; and the Vostok system integrator, a means of maintaining, developing and optimizing the platform,” the company said.

The company is also looking into the legal conditions for running a public VST token sale exclusively for Waves token holders. If the public sale is deemed legally viable, it will be carried out only through Waves System Token.

Sasha Ivanov, Founder and CEO of the Waves Platform and Vostok, said that by implementing the Vostok private blockchain platform, along with disruptive technologies, in the IT infrastructures of corporations and government agencies, they lay the foundation for the digital economy.

“This is a logical continuation of the work we have been doing over the past few years, advancing the Waves platform’s technological achievements yet further,” Ivanov said.

Dolfin CEO Denis Nagy said that despite heightened investors’ interest, attracting private funding for digital technologies is often problematic due to the lack of financial infrastructure to support and structure the deals in the blockchain space.

“Together with the Vostok team, we have developed a model familiar to private equity investors, yet customized to enable the financing of the Vostok blockchain project,” Nagy said.

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