Alexander Ivanov, the founder, and CEO of Waves has recently decided to fully sell his stake of Vostok, blockchain spin-off of the Waves platform. According to a recent press release, now only the GHP Group, which bought all the stakes, will be the owner of the project.
The CEO also affirmed on the press release that he wanted to sell the project because this way he could focus the resources of the company on the development of the Web3 ecosystem, which exists inside the platform.
Ivanov also affirmed that Waves and Vostok were getting increasingly divergent paths as development continued, so the decision to focus on only one platform was made.
Vostok was originally developed by the Waves team and launched back in 2018. Initially, it was an initiative to promote the blockchain and digital technologies to large companies. Waves was very successful in raising $120 million USD for the project and to be able to develop blockchain-based and artificial intelligence technology for the company.
The chairman of the GHP Group, Mark Garber, as well as some early Vostok investors, affirmed that acquiring this project will help the group a lot in order to increase the current level of technical expertise in the group.
Garber also noted that the company will continue to build on this technology now that they have acquired it. Vostok will be integrated into the company’s resources and logistics assets and will also be used by the partners of the GHP Group.
Before being sold, Vostok already had some major partnerships in Russia. The project was quite well-known locally and customers ranged from corporate to government ones. The largest bank in the country, the Sberbank, was one of them, and the state-owned Vnescheconombank was another one.