IOST, a “public blockchain network” backed by Sequoia Capital and Huobi Capital, among others, revealed that it had completed an integration with Boomstarter earlier this month.

The partnership will see IOST used as a fundraising currency on the platform alongside Bitcoin (BTC) and Ethereum (ETH). The foundation also revealed that Boomstarter is in the process of integrating support for IOST’s stablecoin, iUSD.

The IOST Foundation has described the partnership as comprising a major milestone in its efforts to establish IOST as a “global fundraising currency.” The partnership will also see Boomstarter assume the position of a “Partner Node” within the IOST network.

More Than $7 Million Raised on Boomstarter Since Launch

Following the platform’s launch during 2012, Boomstarter has facilitated the financing of more than 2,000 projects – which received more than $7 million in combined contributions from 200,000 different users. Boomstarter currently has more than 800,000 registered users, and receives more than 300,000 unique visitors each month.

Among the most successful endeavors to seek financing using Boomstarter, was a pair of campaigns that raised more than $50,000 combined to establish and operate hospitals in Nicaragua and Guatemala to fight infectious tropical diseases.

Jimmy Zhong, the chief executive officer of IOST, expressed his excitement regarding the partnership with Boomstarter, stating: “IOST views Russia and Eastern Europe as some of the most promising areas for expansion. Certain areas around the world — such as Eastern Europe and Russia — do not have as strong of a legacy financial system as the West or China, which means that the average citizen or small business entrepreneur may be overlooked and access to funding is quite limited.”

Eastern European Crowdfunding Sector Grows Over 400% in 2019

According to a recent report published by P2PMarketData, the region of the ‘Commonwealth of Independent States (Russian Ukraine, Moldova, Armenia, and Belarus), has hosted the fastest growing crowdfunding sector in Europe during 2019, increasing in size by 465%.

During April, IOST announced its involvement in a strategic public-private partnership with Ehang, a Chinese autonomous aerial vehicle company, and the Civil Aviation Administration of China, to secure operational data.