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Ethena: $100 million for a new chain and an institutional product
By Davide Grammatica
The Ethena Foundation has raised 100 million dollars for the development of a new institutional product and the expansion of the ecosystem
News coming soon for Ethena
According to rumors reported by Bloomberg, the Ethena network, through the Ethena Foundation, has raised approximately $100 million through a private sale of the governance token to finance an ecosystem development plan.
According to the sources interviewed, there is talk of financing the launch of a new chain to support Ethena, and a new “institutional product”, iUSDe (already announced in the past). The token sale, which took place last December, involved prominent investors, including Franklin Templeton, Polychain, Pantera, Dragonfly and F-Prime (an operating branch of Fidelity). ENA tokens were sold for $0.40, just below their current value, and far from the ATH reached last December, at $1.27.
Ethena’s move towards institutions consists of “exporting” its sUSDe (USDe in staking) product to tradFi, so that it can be made available to asset managers, ETFs, prime brokers, private credit funds and investment trusts. USDe, the ecosystem’s flagship product and currently the fourth largest stablecoin in the world, with a capitalization of $5.9 billion, clearly deserved a step up in quality.
Ethena targets tradFi
In the “export” process, iUSDe becomes a reward token exactly as happens when staking USDe on Ethena. With one difference: the new token uses a wrapper mechanism that can program some transfer restrictions necessary for tradFi entities to comply with current regulations.
Ethena has chosen to collaborate with some partners for the distribution of the token, thus allowing traditional finance to interact with the new product without having to interact directly with cryptocurrencies.
