Founder of one of the most well-known token insurance platform, Waves has completely sold its stake in the firm's blockchain spin-off Vostok to work solely on the Waves Platform.

Based on the press release, Alexander Ivanov, Founder, and CEO of Waves entirely sold his Vostok stake, thus making GHP Financial Consultancy Group be the sole owner of the project. Ivanov stated that he determined to sell the Vostok project so that he can work on the development of Web 3 Ecosystem development on the Waves Platform.

Ivanov further said, 

"For me, the priority was and remains the international development of the Waves Platform to create the next generation of the Internet with smart, decentralized services running on the blockchain. Therefore, I have decided to sell the Vostok project."

Mark Garber, the chairman board of directors at GHP Financial Group and also one of the early Vostok project investors said that the ongoing progress in the project will help the GHP group to enhance its technological expertise level.

The latest move will allow GHP Group, which is popular in wealth management, direct investment, and financial advisory services, to incorporate distributed ledger technologies into their resources, production, logistics, and partner projects.

Vostok project was released in April 2018; it is a private blockchain platform which is consists of a global Vostok blockchain platform and Vostok system integrator for the enterprise and government IT systems. In 2018, the Waves platform collected $120 million to release Vostok and was looking for another $120 million this year to launch the project.

As one of the most well-known blockchain projects in Russia, Vostok has entered into some of the partnerships with private and public Russian firms along with the nation's leading financial bank Sberbank, government-backed Vnesheconombank, Transmanshholding, VEB.RF, Rostec, and the Nizhny Novgorod region.

Garber also stated that the Group plans to work towards the development of the project and preserve management and platform's development teams. Ivanov also declared in a tweet that the new expansion roadmap will be released in just a week.

The sale announcement comes just one month after the firm declared that the Vostok platform is live. It allows clients to develop their nodes of the main network and private subnets. All the features of the network can be used, and data is kept safe in their IT systems.