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.