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Platform, a public blockchain network that enables digital startups to create tokens, has announced it raised $ million to roll out a private version of its system for corporations and governments.

According to a Bloomberg report, the fundraising round was led by London-based financial services group Dolfin, and also included a number of other private investors.

“The cryptocurrency rush is over now, while the idea of using a decentralized network to store data and cut costs is still relevant,” said Alexander Ivanov, the CEO of Waves Platform.

Large firms and state entities often find the speed and security level of public blockchains to be insufficient, he added, pointing out that so-called private blockchains, which have limited numbers of users, protect data better.

Vostok, similar to the International Business Machines Corp.-led Hyperledger in the U.S., will focus on Europe, Asia and the former USSR, expecting its first projects in the beginning of 2019, Ivanov said.

The platform’s own cryptocurrency, Waves, jumped over 60 percent to $.50 in the past 2 hours, and with a value of about $20 million it was ranked 19th on CoinMarketCap.

Founded in Switzerland by Russian engineer Sasha Ivanov, Waves Platform has benefited from a recent boom of initial coin offerings that let firms create and sell tokens via its distributed-ledger technology, which it describes as a fast and easy-to-use blockchain.

Back in 2016, the company itself raised nearly $16 Million through a crowdsale.

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