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Waves announces ‘Basics Fund’ to support blockchain startups

Blockchain platform Waves has announced a new venture capital fund that will support the development of blockchain solutions and projects.

Dubbed “Basics Fund”, the initiative is seeking an initial $10 million in investment this month, with a total of $30 million by April, according to the official announcement.

“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,” Waves Founder and CEO Alexander 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.”

Waves said that the Basics Fund combines the best of venture funds and hedge funds — investing in a diversified portfolio of promising blockchain-based startup projects. Investments will be made in blockchain solutions with a real-world application, and that are underpinned by strong technology and teams with an established track record.

Ivanov will be a key advisor and principal for the fund alongside professionals in the venture capital industry. The fund will be managed by experienced asset manager Maxim Kuzin and will take the form of a Cayman Islands GP/LP Venture Fund.

The announcement follows the recent launch of “Waves Lab” – a blockchain incubator that will support pre-ICO projects and teams who are building disruptive solutions using its infrastructure.

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