USDe developer Ethena Labs completes $14 million strategic round of financing, led by Dragonfly and others

February 16, 2024 20:27

ChainCatcher news, on February 16, according to The Block, Ethereum-based stablecoin USDe developer Ethena Labs completed a $14 million strategic round of financing with a valuation of $300 million. Dragonfly, Brevin Howard Digital and Bitmax founder Arthur Hayes' family office Vortex jointly led the investment, PayPal Ventures, Franklin Templeton, Avon Ventures,

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Binans Labs. Deri bit, Gemini and Kraken participated in the investment.

This round of financing adopted the structure of future equity simple agreement and token warrants, which valued Ethena at $300 million and publicly launched the USDe stablecoin.

USDe is an Ethereum-based stablecoin backed by derivatives that achieves price stability through "Delta-neutral" hedging in centralized and decentralized venues. To create USDe, Ethena allows users to use USD, ETH, or liquid pledge tokens as collateral. #MegadropLista