LONDON, December 19, 2018 /PRNewswire/ --
First funding round pushes Vostok project's value up to $600 million, with a second round scheduled for early 2019
Waves Platform, the world's fastest public blockchain platform with offices in London and other European cities, has secured $120 million funding round to launch its private blockchain platform and system integrator Vostok . London-based financial services group Dolfin assisted the deal by structuring and coordinating its execution.
The Vostok project has been developed by the Waves Platform team specifically for large enterprises and public institutions to form the basis of their digital infrastructure. The launch of the first projects in Europe and Asia is expected at the beginning of 2019.
Founder and CEO of the Waves Platform and the Vostok project, Sasha Ivanov said: "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 these in the IT infrastructures of corporations and government agencies, we lay the foundation for the digital economy. This is logic continuation of the work we have been doing over the past few years, advancing the Waves platform's technological achievements yet further."
Investors in Vostok's key target markets were approached to participate in the first funding round. When selecting capital sources, it was important that the investors did not only contribute money. 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.
Dolfin CEO, Denis Nagy commented: "London is becoming an increasingly important destination globally for DLT and other disruptive technology projects. We are proud that Waves and Vostok have selected London as one of their technology сentres, as well as their trusted global hub for legal and financial expertise. Despite heightened investors' interest in digital technologies, attracting private funding is often problematic due to the lack of financial infrastructure to support and structure the deals in the DLT space. Together with the Vostok team we have developed a model familiar to private equity investors yet customised to enable the financing of the Vostok blockchain project."
About Waves Platform
Founded in 2016, Waves Platform is the world's fastest public blockchain platform. It offers easy-to-use, highly functional tools to create decentralised applications. It's an enterprise-ready platform that emphasises security, easy digital asset operations (including creation, transfer, exchange) and a straightforward user experience. It has also developed into one of the largest tech communities worldwide and formed partnerships with a variety of renowned international organisations.
About Vostok project
Vostok is a universal technological solution for scalable digital infrastructure developed by Waves Platform in 2018. It is comprised of two constituent elements: fundamental technological innovation (the Vostok digital platform) and facilitator of its maintenance, development and optimisation (the Vostok system integrator). The main purpose of the project is to form the basis of the digital infrastructure for certification, registration and data tracking, and to make new technologies easy-to-use in business and public administration.
Dolfin is an independent and agile wealth management platform that provides custody, brokerage and asset management to private clients, financial advisers and institutional investors. Dolfin opens investment accounts promptly, safeguards assets, provides access to capital markets worldwide and offers sophisticated investment expertise. Founded as a London-based wealth boutique in 2013, the company now offers diversified financial solutions, an international presence, and a bespoke technology. Today, Dolfin looks after more than $1.7bn of client assets and handles around $650m of brokerage flow every month. Headquartered in London, with offices in Malta and Amsterdam, the company is regulated by the UK's Financial Conduct Authority and the Malta Financial Services Authority.