Coinbase Ventures, the corporate venture capital arm of crypto exchange Coinbase, has invested $1 million in a strategic funding round for Ampleforth Foundation’s decentralized low-volatility commodity money, SPOT.

Fragments, the development company behind the Ampleforth protocol, announced the news on Monday.

“SPOT is the culmination of five years of research and development by our team, and it fulfills our vision for using blockchain technologies to create a ‘better money’ rather than replicating dollars onchain,” Fragments CEO Evan Kuo said in a statement shared with The Block. “While the latter served the market’s immediate needs, some of the smartest people in the industry have begun to realize the significance of what we’ve been working to solve: inflation, durable value storage, …