In a strategic investment round, $14 million was raised by Ethena Labs, the company behind USDe, an Ethereum-based stablecoin.
USDe Developer Ethena Raises $14 Million in Strategic Investment Round
Maelstrom, the family office of Dragonfly and BitMEX founder Arthur Hayes, co-led the deal, Ethena Labs said on Thursday. Guy Young, the founder, and CEO of Ethena, stated that the company had over $50 million in pledges for the round, but it had capped it at $14 million because it did not require additional funding at this time. According to Young, the funding round was set up as a straightforward agreement for future stock with token warrants, and it started in late December and ended last week.
The Company Plans to Increase Workforce with New Funding
He said Ethena‘s valuation increased to $300 million as a result of the round. According to Young, the company intends to hire quant engineers and business development executives in Asia with the new funding in order to expand its current 12-person workforce.
After a covert debut in December of last year that resulted in the locking of over $224 million in total value, Ethena also made its USDe stablecoin available to the general public. Hayes, who also supported Ethena’s $6 million seed round through Maelstrom last year, believes USDe “will soon be a credible challenger to Tether” and that it might soon top $1 billion in TVL.
Leave a comment