Dragonfly Capital leads $6 million seed funding round for Ethena
The web3 venture firm Dragonfly Capital has led a $6 million seed funding round for Ethena, a startup focused on building Ethereum-backed stablecoins. Ethena’s other funders include Deribit, Bybit, OKX, Gemini, Huobi, and BitMEX founder Arthur Hayes. The company aims to create a parallel financial system outside of the traditional banking system.
Key Points:
- Dragonfly Capital has led a $6 million seed funding round for Ethena.
- Ethena is building Ethereum-backed stablecoins.
- Ethena maintains the peg for its USDe stablecoin using collateral from users to short ether and hedge price exposure.
- Ethena has created a savings bond that utilizes staked ETH and swap margins to generate yield.
- Ethena aims to create a financial system that exists outside of the traditional banking system.
Hot Take:
Ethena’s focus on creating a parallel financial system outside of the banking system is an important step in the evolution of cryptocurrencies. By building Ethereum-backed stablecoins and providing innovative financial instruments like savings bonds, Ethena is pushing the boundaries of what is possible in the crypto space. With the support of Dragonfly Capital and other prominent funders, Ethena is well-positioned to make a significant impact in the industry.
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