Cardano Developer IOHK Launches $20M Fund for Ecosystem Startups

The cFund will invest anywhere between $250,000 and $500,000 into startups and small businesses using Cardano or IOHK tech initiatives.

Jul 3, 2020 at 10:09 a.m. UTC
Updated Sep 14, 2021 at 8:59 a.m. UTC

Cardano developer house IOHK has set up a $20 million "cFund" alongside Los Angeles-based Wave Financial.

  • The fund has a broad remit to invest in startups and early-stage businesses that use Cardano and other IOHK tech initiatives – such as enterprise blockchain ATALA.
  • Commits will range between $250,000 and $500,000 for either equity or token stakes.
  • The cFund is a 50/50 venture: IOHK has already put in the "anchor" $10 million, and Wave plans to raise the other half from external investors.
  • Nathan Kaiser, IOHK's general counsel, will become cFund's chief investment officer.
  • An IOHK spokesperson said cFund did not overlap with EMURGO – Cardano's commercial arm – which has also supported new ventures.
  • California-regulated Wave Financial tokenized a year's supply of Kentucky Bourbon whiskey was worth $20 million earlier this year.
  • Both sides had been in talks for many months but the fund's launch was delayed due to the coronavirus outbreak.
  • Both Hong Kong-based IOHK and Wave declined to comment on whether the fund had already started selecting projects for investment.

Edit (10:30 UTC): This article previously indicated Wave Financial was based in Canada. It is, in fact, based in Los Angeles and London.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
US Appeals Court Orders SEC to Bring Enforcement Actions to Jury Trials

The 5th Circuit Court of Appeals found that the targets of SEC enforcement actions had their constitutional rights violated by the use of in-house judges.

The 5th Circuit Court of Appeals found that the targets of SEC enforcement actions had their constitutional rights violated by the use of in-house judges.

2
First Mover Asia: Pine Wants to Test the Liquidity of the NFT Market; Cryptos Are Well-Red

The number of users on NFT markets is at its lowest point this year, but still higher than in 2021. The crypto lending platform sees an opportunity.

The number of users on NFT markets is at its lowest point this year, but still higher than in 2021. The crypto lending platform sees an opportunity.

3
CFTC Chair Indicates Agency Will Increase Crypto Enforcement: Report

Rostin Behnam said the agency was facing a rapidly increasing number of cases and would add resources to address crypto fraud.

Rostin Behnam said the agency was facing a rapidly increasing number of cases and would add resources to address crypto fraud.

4
LimeWire Signs Deal With Universal Music for Music NFT Licensing, Blockchain Gaming in Focus

The most valuable crypto stories for Wednesday, May 18, 2022.

The most valuable crypto stories for Wednesday, May 18, 2022.