Portugal-based Startup Ethena Raises $6 Million in Seed Funding
Ethena, a Portugal-based startup, has secured $6 million in a seed funding round led by Dragonfly, a crypto-focused venture capital firm. The startup plans to use the capital to launch its Ethereum-based stablecoin and bond token in the third quarter of 2023.
Key Points:
- Ethena is developing an internet savings bond and an Ethereum-based stablecoin secured by derivatives.
- The stablecoin will be fully collateralized and maintain its peg to the US dollar.
- The stablecoin’s price exposure will be hedged using user-provided collateral and perpetual swaps on Ethereum.
- The startup aims to create a stablecoin that is stable, decentralized, and capital-efficient.
- Ethena’s second product is a digitally-native savings bond achieved through a bond token built on top of the stablecoin.
Ethena’s Vision for Stablecoins
Ethena’s goal is to create a stablecoin that overcomes the limitations of existing stablecoins. By utilizing user-provided collateral and hedging price exposure, Ethena aims to achieve a stablecoin that holds a consistent value of $1. Additionally, Ethena is developing a digitally-native savings bond that operates independently from government or centralized banking institutions. With this breakthrough design, Ethena aims to bring stability, decentralization, and capital-efficiency to the world of stablecoins.
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