The Waves platform is seeing a period of massive growth following an announcement on Wednesday that the blockchain project has secured $120 million in a funding round led by London-based financial services group Dolfin.
The new funds will be channeled toward developing a private version of the Waves blockchain ecosystem which has helped several startups to create their own tokens on the go. According to the announcement, this private version of the Waves blockchain known as “Vostok” will be dedicated to enterprise and government tokens.
It will also be developed using the same protocol (Waves-NG) which guards the public blockchain network.
To celebrate the launch of the Vostok private blockchain network, Waves said it will airdrop 3% of the total supply of Vostok Tokens (VST) and also allow only holders of the Waves Token to participate in a possible public token sale that is pending legal approval.
According to Waves Founder, Sasha Ivanov, the development represents a giant step in the growth of the Waves ecosystem and reinforces the fact that “the idea of using a decentralized network to store data and cut costs is still relevant.”
Waves Token Surged Above $4 Amid Crypto Market Resurgence
As expected, the big announcement about the Waves Platform had a profound effect on the value of the Waves Token, which is the native currency of the blockchain. The value of WAVES has grown from $2.56 to $4.57 before reverting back to $4.0 at press time.
The token has also climbed up to 19 in the list of top cryptocurrencies by market cap according to CMC with the current numbers standing at $400,000,000.
There is also a chance that a portion of the token’s growth can be linked to the resurgence of the crypto market which welcomed us into the new week. The total market cap of all cryptocurrencies has increased by $23 billion in the last 72 hours to bring the market to a value of $125 billion.
Bitcoin has also increased from $3272 to $3893 within this period as the hope of a bullish reversal continue to rise among traders.