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IOHK Invests Six-Figure Sum Into Crypto Asset Manager Wave Financial
Charles Hoskinson, IOHK's CEO, will become an adviser to Wave Financial as part of the deal.
By Paddy Baker
Updated May 9, 2023, 3:09 a.m. Published Jul 6, 2020, 8:49 a.m.
Cardano developer house IOHK has made a six-figure investment into Wave Financial, its partner for a new $20 million Cardano fund.
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- An IOHK spokesperson confirmed the investment had just been made, but declined to comment on the equity arrangement and any plans to make further commits into Wave.
- CoinDesk understands the sum isn't big enough for IOHK, a Hong Kong-based company, to have significant sway over Wave's corporate governance.
- Charles Hoskinson, IOHK's CEO, will become an advisor to Wave Financial as part of the deal.
- IOHK invested $10 million into a joint "cFund" to support startups and early-stage businesses working on Cardano and other IOHK tech initiatives last week.
- Wave Financial, a private company based in Los Angeles and London, said it would raise the other $10 million from external investors.
See also: Coinbase Custody to Support Secure Cardano Staking This Year
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JPMorgan Launches Tokenized Money Market Fund on Ethereum as Wall Street Moves Onchain: Report
The $4 trillion U.S. bank is the latest financial giant in rolling out tokenized MMF onchain, joining BlackRock, Franklin Templeton and Fidelity.
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- JPMorgan Chase is launching its first tokenized money-market fund on Ethereum, named My OnChain Net Yield Fund (MONY), with an initial $100 million investment.
- The fund is part of a growing trend of blockchain-based financial products, with major firms like BlackRock and Franklin Templeton also entering the space.
- MONY allows investors to redeem shares using cash or USDC and aims to offer similar benefits to traditional money-market funds with added blockchain advantages.
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