Waves, a blockchain platform you can use to create your own custom token that also has an own decentralized exchange (DEX), has raised $120 million for its Vostok blockchain for corporations and governments.

Waves has been on the rise for multiple weeks, being up a stunning 360% over the last month, and we now know what partly caused it. According to an announcement by Waves, the platform raised $120 million to roll out a private version of its Vostok system for corporations and governments. A tweet by Waves showed the following:

The Vostok system is compatible with the 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 will be fueled by Vostok System Tokens (VST), which could potentially be distributed through a public sale. That said, 3% of the total supply will most likely be airdropped to Waves holders.

The Vostok funding round was led by Dolfin, a London-based wealth management platform, with contributions from a significant number of unnamed private investors. Sasha Ivanov, the founder of Waves, said the following:

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

Founded in 2016 by Ivanov, the platform raised 30,000 BTC ($18 million at the time). Since then the Waves platform has grown to become a heavyweight in the blockchain technology ecosystem, with about 300,000 active users in 25 countries.

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