Blockchain network Waves Platform has raised US$120 million in a funding round allowing it to roll out Vostok, a private blockchain platform and system integrator that was developed with public institutions and large enterprises in mind.
The fundraising round was led by Dolfin, a financial services group based in London, and mostly involved private investors, according to Bloomberg. The Waves Platform cryptocurrency reacted positively to the news appreciating by close to 50%. Waves has now attained a market capitalization of over US$400 million.
Per the founder of Waves Platform, Sasha Ivanov, there is a need in the market for decentralized networks such as Vostok and this will continue to be the case:
The cryptocurrency rush is over now, while the idea of using a decentralized network to store data and cut costs is still relevant.
Use Cases for Private Blockchains
According to Ivanov, private blockchains are filling a void left by public blockchains as they can offer better protection of data. The target markets for Vostok are mainly in Asia, Europe and the former Soviet republics. The initial projects on the platform are expected early next year.
This comes less than two months since the Waves Platform hit a milestone when over 6.1 million real-time transactions were processed in a stress-test with no delays or disruptions in the network as the test was being carried out.
Waves Blockchain Hits Milestone with 6.1 Million Real-Time Transactions https://t.co/ObVk3X3mFq
— CCN (@CryptoCoinsNews) October 26, 2018
Additionally, no slowdowns were experienced by users for token creation, transfers or decentralized exchange orders. At peak times, the platform was able to handle hundreds of transactions every second.
Per Ivanov, the platform beat more prominent blockchain networks hands down with regards to the speed of processing transactions:
Bitcoin processes just a few transactions per second. Ethereum’s capacity is into double-digit tps, and a handful of other blockchains have improved on this incrementally in various ways. WAVES has implemented tech that enables a step-change in transaction volumes — not just in the lab, but in the real world, on MainNet, as these figures prove beyond doubt.
Big Plans for the New Year
Other positive developments on the Waves platform which have contributed to its token rising in value and entering the top 20 list based on market capitalization include the introduction of a smart contract functionality in September. Earlier this month, Waves also released a wallet add-on for Firefox.
In the coming year, Waves is planning a second funding round. Additionally, the blockchain platform, which has a decentralized exchange of its own with 69 tradeable coins already listed on it, also intends to launch trading on its Maltese virtual financial assets exchange in 2019.