Waves Platform, a blockchain network, has secured $120 million funds in a funding round. This money will be used to launch Vostok, a private blockchain system integrator and platform designed for large enterprises and public institutions.

Bloomberg reported that Dolfin, a London-based financial services group, led the funding round which was majorly attended by private investors. This news was greeted with cheer by the Waves Platform cryptocurrency, causing it to appreciate by about 50 percent. Based on this rise, the market capitalization of Waves is now set at more than $250 million.

According to Sasha Ivanov, the founder of Waves Platform, Vostok is filling the market needs for decentralized networks. Ivanov also noted that this situation is expected to increase in the future.

“The cryptocurrency rush is over now, while the idea of using a decentralized network to store data and cut costs is still relevant.” Ivanov stated.

The founder of Waves Platform also commented that private blockchains such as Vostok are filling a void caused by the absence of public blockchains. These private blockchains are becoming increasingly popular due to the added layer of security they offer.

Vostok primary markets are Europe, Asia, and ex-Soviet republic member countries. The company is expected to launch its initial projects early next year.

This latest development from Waves Platform is coming after it reached a milestone of processing more than 6.1 million real-time transactions. The event which was carried out in a stress test less than two months ago proceeded without any disruptions or delays in the network.

In addition, users experienced no slowdowns while creating tokens, transferring or making decentralized exchange orders. The platform found it easy to handle hundreds of transactions per second at peak times.

Commenting on this feat, Ivanov claimed that when it comes to speed of transactions, Waves Platform was miles ahead of other major blockchain networks.

According to him, “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.”

Will the crypto industry embrace this new service offered by Waves Platform? Pen your thoughts in the comment section.

Nica Tudor

Blockchain, Smart Contracts, and cryptocurrencies enthusiast.

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