Ethena, a startup based in Lisbon, Portugal developing an ‘internet bond’ and a new Ethereum-based stablecoin secured by derivatives, raised $6M in Seed funding.
The round was led by Dragonfly and supported by BitMEX founder Arthur Hayes and his family office, Maelstrom, with participation from crypto derivatives exchanges – including Deribit, Bybit, OKX, Gemini and Huobi – as well as a number of other venture capital and trading firms.
The company intends to use the funds to prepare for the launch of their stablecoin and bond asset in the third quarter of 2023, including completing the testnet phase in Q3 of this year, launching partnerships with other industry leaders, and conducting smart contract audits to ensure the security and efficiency of the protocol.
Founded in 2023 and led by Guy Young, Founder and CEO, Ethena Labs is an infrastructure protocol building two new products for investors operating outside of the US. A US dollar stablecoin with a novel mechanism for maintaining its peg that will enable it to operate entirely independently of the traditional financial system; and a digitally native savings bond.
FinSMEs
17/07/2023