Russian blockchain token platform Waves established ICO venture capital fund

Waves, the Russian blockchain token platform, is building a new blockchain venture capital fund called the Basics Fund to support the blockchain product and solution platform. It is understood that the fund plans to raise 10 million US dollars in January, and it is estimated that all 30 million US dollars will be in place in April.

The foundation will be registered in the Cayman Islands and will invest in ICO, blockchain and other related industry start-ups. The fund is led by asset manager Maxim Kuzin, and Waves founder and CEO Alexander Ivanov will serve as a consultant. Alexander Ivanov said in an interview that the fund will focus on the application of blockchain technology and demonstrate the potential of blockchain in emerging markets.

Waves' main business is ICO, which received $16 million in financing in 2017. Alexander Ivanov has previously said that Bitcoin's popularity in the world has attracted many investors, but ICO-led encryption assets have even grown faster than Bitcoin.

ICO (abbreviated as IniTIal Coin Offering), the first currency issue, derived from the initial public offering (IPO) concept of the stock market, is the first time the blockchain project issues tokens, raising the common digital currency such as Bitcoin and Ethereum. In the Chinese market, ICO is illegal. In September last year, the 7 ministries and commissions, such as the Central Bank and the Network Office, issued the “Announcement on Preventing the Risk of Subsidy Issuance Financing”, which clearly stated that the ICO is essentially an unauthorised illegal public financing. Illegal sale of tokens, illegal issuance of securities, and illegal criminal activities such as illegal fundraising, financial fraud, and pyramid schemes. The announcement once caused many virtual currency prices to dive and even spread to the global market.

At present, the supervision of ICO in various countries around the world still has differences, and the problems in the ICO project are obvious to all. It is worth noting that before the announcement of the foundation, Waves announced at the end of last year that it would launch a self-regulatory body to set standards for the ICO and blockchain industries. Headquartered in Switzerland, the agency aims to develop legal, tax and accounting, KYC and commercial due diligence standards for the industry, including Deloitte CIS, ICO Governance Foundation and Ethereum Qualification Center.

When talking about regulatory issues, Waves founder and CEO Alexander Ivanov said: "Regulatory is clearly a new phenomenon in the industry, but also brings new concerns."

Since the ICO does not require approval and does not require the financial cost of an IPO, it is possible to attract a large number of investors by relying on a paper project white paper and an insider platform. At the same time, the information disclosure of the ICO project lacks a unified standard. In the case of asymmetric information, it is easy for project proponents to take higher risks when participating in ICO.

An ICO risk assessment guide issued by PricewaterhouseCoopers in early August 2017 pointed out that ICO is characterized by investing in future projects. The initial ICO project itself may be just a concept, and the development and implementation of blockchain technology is more difficult. Large, the success of ICO projects is more variable and riskier.

After the ICO was stopped, the virtual currency price once encountered “Waterloo”. At present, the three virtual trading platforms of Bitcoin China, Firecoin and Okcin have successively announced the cessation of RMB transactions and the move to overseas.

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