Waves Platform Generates $120 Million To Create Private Blockchain Platform

A public blockchain platform known as Waves which previously helped digital startups develop tokens announced that it has raised $120 million to create a private blockchain that will be used by governments and corporations. This is going to be a private version of the public blockchain by the company. The investment round was led by Dolfin, a financial services group based in London. This is according to a statement that was released by Waves on Wednesday. Right after the announcement was made, the native cryptocurrency of Waves went up by 50% and it started trading at $3.80.

Waves Platform was founded by Sasha Ivanov in Switzerland. Over time, the platform has benefited greatly from its ICO that allowed establishments to develop and sell tokens using the company’s blockchain. Its distributed ledger platform is easy to use according to the company.

During an interview in the company’s Moscow’s office, Ivanov said:“The cryptocurrency frenzy is now over but the concept of using a decentralized network for storing data and reducing costs remains relevant.” Big firms and government entities don’t find public blockchains secure or fast enough for their operations so they prefer to use private blockchains as these ones have limited users and provide better data protection.

Just like the International Business Machines Corp, the Vostok blockchain, is going to focus on the Asian, and European market. Ivanov said that the first project will be launched in first quarter of 2019.

In December 2017 alone, the waves token lost up to $1.7 Billion in market capitalization. This was just before the bull run that took the price of cryptocurrencies to their all time highs started. As the price of cryptocurrencies fell this month, the Waves token also fell.

At the time of writing, the token was trading at $3.72. This shows that it is down by 10.54% against the USD and down by 12.83% against Bitcoin. It has a market capitalization of $371,693,687 and a trading volume of $98,109,653. Keep in mind that BTC is currently trading at $4,085.33. The largest cryptocurrency per market is up by 2.15% against the USD with a trading volume of $8,864,296,509 and a market capitalization of $71,224,736,286.