Waves Platform, the Russia-based creator of a platform for blockchain distributed ledger technology, intends to raise up to $30m for a fund that will invest in blockchain startups and projects.
Founded in 2016, Waves has created a decentralised platform that provides the tools and infrastructure for people or businesses looking to create their own blockchain products, and which will enable anyone to issue, trade or exchange cryptocurrency tokens.
The company secured $16m in an initial coin offering in mid-2016 and plans to raise $10m for its Basics fund this month before hopefully reaching a $30m final close by April 2018.
Asset manager Maxim Kuzin will manage Basics, which will be registered in the Cayman Islands and which will have a general/limited partner structure. Alexander Ivanov, founder and CEO of Waves Platform, will be the fund’s prinicipal.
The accelerated nature of investments in the blockchain sector means Basics will complete deals more quickly than traditional VC funds, and it could achieve exits in months rather than years.
Alexander Ivanov said: “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 this instance, we are very proud to be partnering with experts from the asset management industry and launching a new blockchain fund for mainstream investors, which will pioneer best practices and showcase the strength of blockchain technology to a new market.”