Coinbase Ventures Invests in Ethena Ahead of New Savings Product Launch
Coinbase backs Ethena ahead of savings product launch for exchange's 100 million users

Image: Coindesk
Coinbase Ventures has invested in Ethena by purchasing ENA tokens as the protocol prepares to launch a savings product for Coinbase's 100 million users. This partnership aims to enhance onchain finance offerings and expand Ethena's reach into mainstream crypto markets.
- 01Coinbase Ventures acquired Ethena's ENA tokens to support a new onchain savings product launching next week.
- 02Ethena's governance token, ENA, saw a 20% surge following the announcement.
- 03The partnership allows Ethena to tap into Coinbase's extensive user base, potentially increasing capital and distribution.
- 04Ethena has expanded its collaboration with Anchorage Digital to facilitate institutional lending.
- 05The total assets on Ethena's protocol peaked at $15 billion but have since declined to $5.3 billion amid market fluctuations.
Advertisement
In-Article Ad
Coinbase Ventures has backed Ethena by purchasing ENA tokens as part of a strategic partnership to launch a new onchain savings product for Coinbase's over 100 million users. This initiative is set to debut next week, marking Ethena's first integration into Coinbase's ecosystem. Ethena founder Guy Young expressed excitement about the collaboration, which aims to enhance the availability of savings products. Following the announcement, ENA tokens surged by 20% before stabilizing. The partnership is expected to connect Coinbase's substantial USDC stablecoin ecosystem with Ethena's yield-generating capabilities, providing better lending yields. Additionally, Ethena is expanding its institutional reach by partnering with Anchorage Digital to support regulated lending activities. This collaboration allows for collateral management through Anchorage's Atlas platform, making crypto lending more accessible to institutional clients. Ethena's assets have fluctuated significantly, dropping from a peak of $15 billion to $5.3 billion, reflecting the broader challenges in the crypto market.
Advertisement
In-Article Ad
The launch of Ethena's savings product through Coinbase could provide users with new investment opportunities and potentially higher yields.
Advertisement
In-Article Ad
Reader Poll
What do you think about Coinbase's partnership with Ethena?
Connecting to poll...
Read the original article
Visit the source for the complete story.



