Coinbase · CoinDesk
Coinbase backs Ethena ahead of savings product launch for exchange's 100 million users
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Coinbase Ventures, the investment arm of crypto exchange Coinbase (COIN), said it had backed Ethena (ENA), buying the protocol's token on the open market as the two firms prepare to launch a new onchain savings product for the exchange's more than 100 million users.
Key facts
- Assets on the protocol swelled to $15 billion by the October market peak, but since then declined to $5.3 billion as demand and yields vaned amid the crypto downturn
- Yan Liberman, managing partner at Delphi Ventures, an investor in Ethena, said the deal could potentially connect Coinbase's roughly $19 billion USDC stablecoin ecosystem with Ethena's
- Coinbase Ventures, the investment arm of crypto exchange Coinbase (COIN), said it had backed Ethena (ENA), buying the protocol's token on the open market as the two firms prepare to launch a new
- ENA, Ethena's governance token, surged 20% following the news before paring gains
Summary
Coinbase Ventures said Tuesday it had backed Ethena by purchasing ENA tokens on the open market. Ethena products will become available to Coinbase's 100 million-plus users through a new service launching next week. The protocol also expanded its partnership with Anchorage Digital to support institutional lending activity. Ethena announced Tuesday that it partnered with Coinbase to expand onchain finance and savings offerings, with the first initiative scheduled to launch next week.