WAVES, which raised $3 million in ICO, announces partnership with Bitcoin wallet provider Mycelium

WAVES is an open-source blockchain platform dedicated to tokenizing national currencies. Although WAVES is busy with its ICO, this does not stop it from expanding in other areas. Recently, it announced a partnership with Bitcoin wallet provider Mycelium to send fiat currency tokens through its smartphone app.

Both WAVES and Mycelium are currently conducting their own crowdfunding programs. WAVES has raised more than $3 million. The funds raised from Mycelium's crowdsale will be used to upgrade its "crypto Swiss Army Knife" wallet, including support for integrating various APIs and adding universal wallet functions for storing and processing various cryptocurrencies and digital assets.

At the core of the WAVES platform is the ability to issue, transfer and trade custom blockchain tokens, including those coupled with fiat currencies through market making services provided by fiat gateways. In addition to liquidity provision and exchange services, these gateways also manage AML/KYC policies and are therefore fully compatible with decentralized blockchain value transfer.

Mycelium’s Bitcoin wallet software has over 200,000 users. The upgraded wallet will integrate WAVES fiat assets, and the speed, efficiency and decentralization that blockchain technology can bring can be used in the transfer process of national currencies. At the same time, third-party developers and blockchains can also add various new features to the wallet, ultimately achieving the goal of mass market adoption.

WAVES founder Sasha Ivanov said in a statement:

“We are delighted to be collaborating with Mycelium. It is a perfect partnership: the broad user base of Mycelium wallet + the strong facilities provided by WAVES blockchain-based fiat tokens.”

This collaboration opens up a whole new era of financial technology, which we believe will have huge benefits for the crypto community and beyond. We know that banks and financial groups want to use blockchain, but they are also increasingly discussing the use of permissioned ledgers.

The vision of WAVES is to create an open ledger that can be used by everyone while complying with KYC and AML regulations.

Ivanov said several payment systems will be testing their open blockchain, which will go live this summer.

The WAVES platform will use proof of stake to manage consensus on its blockchain. Ivanov said the WAVES system uses gateways to transfer tokens, just like the Ripple architecture. There is also a native token on the WAVES network, which can build custom tokens. Ivanov said the network needs about 1,000 nodes to operate properly.

WAVES is currently in the development phase, with its test network already running. The crowdfunding campaign will last until May 31st, with the platform officially released in the summer of 2016.