Public blockchain platform Waves Platform has secured $120m in a funding round to launch its private blockchain platform for large-scale infrastructure, Vostok.

The world’s fastest public blockchain platform has developed The Vostok Project specifically for large enterprises and public institutions, and this funding round brings the project’s value up to $600m.

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London-based financial services group Dolfin coordinated both the structuring and execution of the deal.

Blockchain platform for digital infrastructure

Vostok is a “universal blockchain solution for scalable digital infrastructure” which offers tools for organisations to implement digital infrastructure for certification, registration and data tracking. In other words, companies can utilise the benefits of blockchain without having to develop their own systems.

The launch of the first projects in Europe and Asia is expected at the beginning of 2019.

When selecting capital sources, Waves did not just look at financial investment, but chose investors that had the expertise and business resources to further the project, as well as a portfolio of projects for which Vostok technologies would be beneficial.

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The Waves Platform is a public blockchain network offers tools to help organisations create decentralised applications (or tokens). One of its main appeals is that it is faster than Bitcoin or Ethereum, and is also straightforward to use.

According to Cryptoglobe, the Waves Token has advanced 85% in the last 30 days, bucking trends in the wider world of crypto, with Bitcoin price falling.This month it became on of the top 20 coins by market capitalisation.

Founder and CEO of the Waves Platform and the Vostok project, Sasha Ivanov said:

“The Vostok project lies at the intersection of several disruptive technologies, including Blockchain, Big Data, Artificial Intelligence and the Industrial Internet of Things. By implementing those in the IT infrastructures of corporations and government agencies, we lay the foundation for the digital economy. This is a logical continuation of the work we have been doing over the past few years, advancing the Waves platform’s technological achievements yet further.”