Russian blockchain company Waves is to launch its own venture capital fund that will back blockchain startups and projects; The Basics Fund is aiming to raise $30 million by April.
Waves is a platform for building blockchain projects. The company raised $16 million in 2017 through an initial coin offering. This new fund, registered in the Cayman Islands, will invest in crypto assets, initial coin offerings, and startups working with blockchain technology.
The Basics Fund will be headed up by asset manager Maxim Kuzin with Waves CEO Alexander Ivanov serving as an advisor.
The fund will help in “shaping the regulatory landscape” around blockchain companies, said Ivanov.
“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,” he said.