Waves Platform to raise $30m blockchain venture capital fund

New fund will invest in ICOs, crypto-assets and blockchain start-ups

Ramy Caspi
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Russian platform vendor Waves is establishing a new blockchain venture fund to support blockchain products and solutions.

The VC will be called ‘The Basics Fund’, is planning to raise $10m in January, with the full $30m fund expected to be in place by April and will be registered in the Cayman Islands.

The Basics Fund is expected to invest in ICOs, crypto-assets and blockchain start-ups.

Waves previously raised $16m in 2017 through an initial coin offering (ICO).

The fund will be headed up by experienced asset manager Maxim Kuzin, and Waves founder and CEO Alexander Ivanov will serve as an adviser.

Alexander Ivanov said that ‘This fund will pioneer best practices and showcase the strength of blockchain technology to a new market’

ICO-led crypto-assets surpass even bitcoin

According to a blogpost, Ivanov has said that bitcoin’s startling growth outpaced all conventional asset classes and dominated media attention.

He said that bitcoin’s prominence has brought with it venture capital and hedge fund investment, with established fund managers recognising not only its stellar growth but the long-term potential that this suite of technologies holds to disrupt traditional financial and business practices and models.

Ivanov believes and wants the Waves platform to play a major role in creating a new blockchain venture product.

As the most enterprise-ready blockchain platform in the world, it is important that Waves is at the forefront of every aspect of the emerging crypto-economy. That means technological excellence, but it also means shaping the regulatory landscape and actively furthering use cases for every sector.”

In early December 2017, TMT Investments, an LSE listed company had announced that they would launch a new Crypto fund to invest in Blockchain startup. The joint initiative includes a group of American investors and will be supported by the Waves Platform. The TMT Crypto Fund will hold both crypto and fiat currencies and is reportedly planning an Initial Coin Offering in March 2018 to attract investment from the crypto world.