Waves Platform, a decentralized system for crowdfunding and creation of digital tokens, has announced a partnership with the National Settlement Depository (NSD), the central securities depository for the Moscow stock exchange.
The organizations will jointly work on building a new blockchain-based platform to serve virtual assets like digital currencies and tokenized assets. Waves Platform, meanwhile, will play a major role in the process.
According to experts, NSD wants to stake its claim in the niche as it realizes there is a huge amount of Russian private assets kept in virtual currencies. Under the project, the system will offer a set of services and an instrument to connect digital assets and a payment service that works with fiat currencies.
The new platform will store records of digital assets (on the basis of certification of token possession) as well as settlements on them. Also, it will enable to keep private digital currency keys and implement identification of digital wallet holders. Besides, the platform will gather data from the world’s leading cryptocurrency exchanges to provide valuation of digital assets.
“The founder and CEO of Waves Platform, Sasha Ivanov, says that the project will not be difficult to implement from a technical point of view,” Waves Platform wrote in a blog post. “Indeed, the company has already started developing a prototype, planning to release first results by September. The hard part, Mr. Ivanov says, will be the conceptual, organizational side. He believes the lack of clear legal mechanisms that would allow the depository to operate with digital assets could cause difficulties. However, the depository’s press service says that it expects changes in legislation regarding cryptoassets, in order to minimize the risks of ownership.”
Ten days ago, Waves Platform launched an Ether gateway to enable users store ETH and trade it against other tokens on DEX, including WAVES, BTC, USD and EUR. Adding ETH, Ivanov said, is important as it is now the largest blockchain network after bitcoin. The company is also planning to further expand the platform, adding more coin gateways in the near future.
In early July, the company signed a strategic agreement with Deloitte, one of the largest professional services network by revenue and number of professionals. With the partnership, Waves Platform will be able to provide extensive ICO offerings, as well as customized blockchain solutions designed for specific business tasks. Moreover, the partners will develop legal mechanisms for regulating token sale projects.
Waves Platform is currently the largest distributed ledger project located in Russia. Last year, it more than $16 million (30,000 BTC) in its Initial Coin Offering campaign. Initially designed to support the exchange of digital tokens, the platform also allows users to run ICOs and issue virtual assets.