Blockchain Company Vostok, Backed by WAVES, Partners With Rostec

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WAVES is aiding the global conglomerate in its first exploration into blockchain, which, given the fact that the Russian enterprise is inextricably intertwined with the Russian government, could mean a positive relationship that leads to future Russian-related businesses. Rostec rebranded in 2012 in an attempt to appear more open to global partnerships.

The price is already rallying 20% as investors are clearly happy about the potential of signing with Rostec, which brings in a little under $20 billion dollars in revenue on an annual basis. The company also has a global reach and supplies products to over 70 countries throughout the world.

But this isn’t WAVES’ first high-profile partnership as it has partnered with the world-renowned Deloitte, known as one of the “Big Four” accounting organizations and a company that also brings in billions a year in revenue. However, despite these advances, WAVES has certainly faltered in terms of market capitalization as it tumbled from its all-time high of around $14 to hovering around $2. The partnership with Rostec has given rise to a 20% rally, and time will tell whether this rally will be sustained.

The Agreement

Specifically, Rostec signed an agreement with Vostok. For those who are unaware, Vostok is a start-up created by WAVES developer that was specifically designed for agreements like this and making it much easier to obtain both state and big business contracts. Although many WAVES investors were confused and angered by the announcement of the Vostok platform, it is now clear that it is making some real strides as the project seeks to not only manage data more efficiently but also use WAVES technology toward creating smarter cities.

While many could have surmised that the project was meant to analyze all sorts of data regarding the products that Rostec creates — in both the military and civilian sectors — the project also wants to explore how cities could use their resources more efficiently. It should also be noted that since Rostec does have access to Russian military information, every detail about the potential blockchain applications has not been announced publicly.

It appears that WAVES is establishing quite the rapport with the Russian government. This shouldn’t come as too much of a surprise, given the fact that President Vladimir Putin has pivoted from his concerns about the risks of cryptocurrency in October 2017. In January 2018, the Russian Ministry of Finance took steps to legalize cryptocurrency trading. In addition, just days ago, the Bank of Russia declared that it had just completed a successful ICO.

WAVES Gaining Momentum

WAVES also recently announced that it was going to support smart contracts, which led to an initial rally, and the Rostec announcement clearly shows that the WAVES team is working hard to establish strategic partnerships to continue its quest for mass adoption.

This is a huge win for the WAVES platform as Rostec is chaired by Sergey Chemezov, who is close to Putin, and was specifically created over a decade ago to help accelerate Russian technological development in general. Given the fact that Russia’s state interests and corporate interests are intertwined, this could give WAVES access to many more clients, both in the government and in the Russian private sector.

Blockchain Company Vostok, Backed by WAVES, Partners With Rostec was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.

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