The Basics Fund is aiming to reshape regulatory landscape for blockchain ventures.
A new blockchain venture fund is being established by Russian platform Waves to support blockchain products and solutions.
The Basics Fund, as it will be known, is planning to raise $10m of the fund in January with the full $30m fund expected to be in place by April.
‘This fund will pioneer best practices and showcase the strength of blockchain technology to a new market’
– ALEXANDER IVANOV
Waves previously raised $16m in 2017 through an initial coin offering (ICO).
The new Basics Fund will be registered in the Cayman Islands, and will invest in ICOs, crypto assets and blockchain start-ups.
The fund will be headed up by experienced asset manager Maxim Kuzin and Waves founder and CEO Alexander Ivanov will serve as an advisor.
ICO-led crypto assets surpass even bitcoin
In a blog post, Ivanov said that bitcoin’s startling growth outpaced all conventional asset classes and dominated media attention.
This is despite ICO-led crypto assets outpacing even bitcoin in the past year.
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 said that blockchain offers advantages across a wide range of applications and sectors, from finance and real estate to medicine and data storage.
He said the Waves platform will 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,” Ivanov said.
“That means technological excellence, but it also means shaping the regulatory landscape and actively furthering use cases for every sector.
“In this instance, we’re 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.”
This article was curated from Google News. You can read the original article here.