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Blockchain startup Waves Platform has announced its plans to raise $120 million in a second investment round for the Vostok project.
Founded in 2016, Waves is a public blockchain platform that offers easy-to-use, highly functional tools to create decentralised applications. It announced the Vostok project on April 12, 2018, which consists of the global Vostok blockchain platform and the Vostok system integrator for enterprise and government IT systems, and already has investors from Europe, Southeast Asia, and China.
In late 2018, the company secured $120 million for the project from high net worth private investors from Europe, Southeast Asia, and China. It brought the total valuation of the Vostok project $600 million at the time.
According to the official release, the second round will close on May 31, 2019. The company plans to sell 100 million VST at an estimated price of $1.20, which represents 10% of the future issue. This means that the latest round will raise up to $120 million at an estimated capitalisation of $1.2 billion. The London investment group, Dolfin will structure and coordinate the deal.
"The private blockchain platform Vostok will combine technological developments and innovations we tested when building the international Waves platform, with the advantages of other end-to-end digital technologies such as Artificial Intelligence, Big Data analytics and the industrial Internet of Things,” Sasha Ivanov, founder and CEO of Waves Platform said.
“In each of our strategic markets, we are launching an integrator company, with the help of which an ecosystem of Vostok solutions will be built. Second round investors will provide us with, among other things, opportunities to enter new markets."
The Vostok project has been tested by major global organisations including Sberbank. Currently, negotiations are in place for the first Vostok-backed projects in Europe, Southeast Asia, and China.
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