For Ethena, a business creating Ethereum-backed stablecoins, Dragonfly Capital led a $6 million seed fundraising round. According to Axios, BitMEX creator Arthur Hayes and Deribit, OKX, Gemini, Huobi, and Bybit are among Ethena’s additional backers.
Stabilcoin Developer Ethena Raises $6 Million in Funding Round Led by Dragonfly Capital
The next step for Ethena is to complete its testnet phase sometime in the third quarter, following which it will introduce its USDe stablecoin and savings bond.
In crypto, you’re trying to create a parallel financial system, but the most important financial instrument in the entire space (the stablecoin) is still completely tethered to the existing system. We’re trying to create something that exists outside of the banking system.
Guy Young, Ethena Founder
About Ethena
By employing user-provided collateral to short Ether through perpetual swaps and hedge price risk, Ethena maintains the peg for its USDe stablecoin. The company has also developed a savings bond that generates yield using swap margins and staked ETH.
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