Ethena Secures $100 Million in Funding Backed by Franklin Templeton, F-Prime Capital, and Dragonfly Capital

In December Ethena raised $25 million via a non-public sale of its ENA tokens. Main funding companies together with Franklin Templeton and F-Prime Capital participated within the spherical.

F-Prime Capital, previously often known as Constancy Biosciences, is affiliated with FMR Inc. the mum or dad firm of Constancy Investments via Devonshire Traders. Different notable buyers within the spherical included Pantera Capital Partners, Polychain Capital and Dragonfly Capital Partners all of which have a robust observe file of backing modern blockchain initiatives.

The funds might be directed to the event of a novel token particularly designed for conventional monetary establishments. Ethena plans to leverage the capital funding to launch its personal blockchain as a way to broaden infrastructure and advance its long-term ecosystem technique.

Ethena Labs at present handle two major digital property. The primary is the ENA governance token which has a complete provide of 15 billion tokens with roughly 3.12 billion tokens at present in circulation. The second is USDe stablecoin which has witnessed substantial adoption, reaching a provide of $1.3 billion through the Ethena Shard Marketing campaign.

The corporate just lately launched USDtb a brand new stablecoin which is backed by BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) and holds 90% of its reserves in the fund. USDtb is available across multiple blockchain networks including Ethereum, Base, Solana and Arbitrum. The token is designed to reinforce the stability of USDe, particularly during periods of volatility in the markets.

In response to the recent $1.4 billion hack on the Bybit exchange Ethena Labs stated that USDe remains fully collateralized with its exposure to the company believes that crypto assets are unusable due to security breaches. However, the company maintains their crypto assets in off-exchange custody to ensure additional protection against potential threats.

Ethena Plans to Launch iUSDe:

As part of its 2025 roadmap Ethena is preparing to launch iUSDe a specialized iteration of its sUSDe stablecoin. iUSDe was developed specifically to enhance adoption among traditional financial institutions. While similar to sUSDe, iUSD is also expected to incorporate additional features such as the wrapper contracts that enforce transfer restrictions making it particularly suited for fixed-income portfolios. The token is expected to offer an annual percentage yield of 20% for 2018.

By implementing transfer restrictions and forging partnerships with regulated investment managers, Ethena aims to establish a compliant gateway for traditional finance (TradFi) participants to access the lucrative yield opportunities available within its stablecoin ecosystem. This initiative represents a significant step in bridging the divide between conventional financial markets and the rapidly evolving crypto landscape.

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