Russian blockchain start-up Vostok, backed by Waves Platform, has been sold to financial consultancy firm GHP Group. The group was one of the earliest investors of the Vostok project. Vostok founder and Waves CEO Alexander Ivano has sold his stake in the project to GHP chief Mark Garber.
Vostok is a blockchain-based data management system utilized by the state-owned business conglomerate Rostec. It securely managed data of over 700 subsidiaries of Rostec, and also played a vital part in developing a roadmap for the country’s digital economy, as part of Strategic Development Objectives of the Russian Federation up to 2024.
Commenting on the deal, Ivano said,
I would like to focus on the international development of the Waves Platform. The tasks of building a decentralized Internet of the new generation based on the blockchain (the so-called Web3), which we implement in Waves, require my one hundred percent concentration.
Waves platform is one of the prominent service providers of blockchain-based enterprise solutions in Russia. The platform has aligned with various organizations, including government institutions, private and public enterprises, and also provides services for military usage. However, the company, though already has quite a few international clients in its portfolio, wants to shift its focus on global expansion, which has prompted the move to sell Vostok.
Ivano further added that the company would be opening a development office in Berlin shortly, to develop large business projects on the Waves ecosystem. Web3 aims to build a reliable and transparent system, based on multiple combinations of digital tech, he added. On the other hand, these blockchain projects are quite an interest in companies like GHP Group, which want to expand their domestic bases. Mark Garber, GHP chief said,
GHP Group sees the great potential of the Vostok project and the possibilities of integration into current assets. The key to the success of the project will be the preservation of the Vostok development team, with which we will implement digitalization solutions in our mining, production and logistics projects, as well as in the projects of our partners.