The founder of the Waves token release platform completely sold his stake for the public sector blockchain Vostok to focus on the Waves platform.
Alexander Ivanov, CEO and founder of Waves, sold his stake in Vostok, and the global financial group GHP Group became the sole owner of the project, according to a July 16 press release.
Ivanov said he decided to sell the Vostok project in order to focus resources on the development of the Web3 ecosystem on the Waves platform.
I decided to focus on the international expansion of $Waves ecosystem, including its enterprise branch. To this end I have sold Vostok project. New expansion roadmap will be presented until the end of the week, stay tuned. https://t.co/sa9XblNn4A
— Sasha Ivanov (@sasha35625) July 16, 2019
Mark Garber, Chairman of the Board of Directors of the GHP Group and one of the first investors of Vostok, said that the existing progress in the project will help the GHP Group to raise the level of its technological expertise.
A well-known entrepreneur in the Russian investment community noted that the GHP Group will continue to build the project, while the firm also plans to integrate Vostok technology into its resources, production and logistics assets, as well as partnership projects.
As a major blockchain project in Russia, the Vostok project has entered into a number of partnerships with Russian corporate and government clients, such as the country’s largest bank, Sberbank and state-owned Vnesheconombank.
Developed by Waves, the Vostok project was launched in April 2018 as an initiative to promote digital technologies among large state and industrial infrastructures. At the end of 2018, Waves collected $ 120 million for the Vostok project to develop new technologies, such as artificial intelligence and blockchain, to “support a truly open and decentralized network.”
In February 2019, Vostok agreed with the government of the Nizhny Novgorod region on using the company’s technology to control budget expenditures, create digital profiles of citizens and other projects.
GHP Group specializes in direct investment, financial advisory services, mergers and acquisitions. The company operates in Russia, UK, Switzerland, Japan, Hong Kong, Luxembourg, Guernsey and Ukraine.
In a new press release, Ivanov said that the development paths of Vostok and Waves “are becoming increasingly different,” noting that the Waves platform is focused on developing intelligent and decentralized blockchain services.
Recently, Waves has released an update of its blockchain, which allows to decentralize applications on the platform.