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Waves (WAVES), a blockchain platform centered around a multi-currency wallet with a decentralized exchange (DEX), has raised $120 million for its Vostok blockchain for corporations and governments.


According to the announcement, the Vostok system is compatible with Waves’ public blockchain and represents a universal blockchain solution for scalable digital infrastructure that is both private and capable of easy optimization.

The Vostok network supposedly will be fueled by Vostok System Tokens (VST), which could potentially be distributed through a public sale — with 3% of the total supply airdropped to WAVES holders. Waves notes that it is currently reviewing the legality around a public sale, and if determined to be viable, it will be conducted only through Waves System Token.

The $120 million fundraising round was led by London-based financial services group Dolfin and included participation from numerous private and institutional investors.

“The cryptocurrency rush is over now, while the idea of using a decentralized network to store data and cut costs is still relevant,” Waves founder Sasha Ivanov told Bloomberg on Wednesday. The company is now planning to compete with established corporate ledger platforms, outside of the United States.

WAVES is currently up 20.8% over the last 24 hours to $4.22, making it the 18th largest coin in the AltDex 100 Index (ALT100) with a $422 million market cap.

More: New Addition to Waves Ecosystem, Vostok Project, Secures $120 Million in First Investment Round
Related: Waves Price Surges 50% After Major App Update

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.