Traditional Financial Institutions Set to Receive Funding Via New Token, as Ethena Secures $100M Investment
Ethena Labs, one of the biggest blockchain companies, has announced the upcoming rollout of a new token called iUSDe. The private token sale, which raised $100 million, was backed by notable investors such as Franklin Templeton, Fidelity Investments' venture arm F-Prime Capital, and popular Web3 venture firms like Dragonfly Capital Partners, Polychain Capital LP, and Pantera Capital Management LP.
The focus of iUSDe will be on traditional financial institutions, aiming to facilitate interaction between traditional finance and the blockchain technology used by Ethena Labs. According to Guy Young, the founder of Ethena Labs, iUSDe is designed to allow traditional finance to interact with the token without directly using crypto rails.
iUSDe is similar to Ethena's existing token, ENA, but with a focus on regulated financial institutions. Guy Young also mentioned that iUSDe will have certain transfer restrictions.
The ENA token, with a market cap of $1.268 billion, has been a significant part of Ethena's success. Ethena's "synthetic dollar" token USDe, which has a circulation of over $6 billion, has also contributed to the company's growth.
In a blog post, Guy Young announced the upcoming launch of iUSDe, continuing Ethena Labs' focus on traditional financial institutions. This development comes barely a month after the initial announcement.
However, contrary to some reports, there is no confirmation that Ethena sold ENA tokens at 40 US cents in December before announcing funding. The search results do not provide details about such an event.
Ethena Labs plans to work primarily with finance distribution partners to enable their clients to access iUSDe. The launch of iUSDe by Ethena Labs is a significant step towards integrating blockchain technology with traditional finance.
The upcoming launch of iUSDe by Ethena Labs signifies a new milestone in integrating blockchain technology with traditional finance, particularly by facilitating interaction between the two sectors. This development, announced by Guy Young, the founder of Ethena Labs, is expected to be supported by finance distribution partners, as iUSDe is designed to cater to regulated financial institutions.
The focus of iUSDe, a new token by Ethena Labs, is on traditional finance, and it aims to allow such institutions to interact with the token without directly using cryptocurrency rails. This move is expected to create news in the finance and technology industries, as Ethena Labs continues its investments in Web3 ventures.
