Gemini

Franklin

Arthur

USDe

Quick take: 
<ul> 
 <li>Dragonfly Capital, Bybit, OKX, Deribit and Gemini joined the round.</li> 
 <li>Ethena also announced the launch of its Ethereum-based stablecoin USDe.</li> 
 <li>The fundraising was structured as a simple agreement for future equity (SAFE) with token warrants.</li> 
</ul> 
Ethena has completed a $14 million strategic round via a simple agreement for future equity (SAFE). Dragonfly Capital led the round with participation from Bybit, OKX, Deribit and Gemini. 
Guy Young, the founder and CEO of Ethena <a href="https://www.theblock.co/post/277565/ethena-usde-stablecoin-funding-valuation-paypal-brevan-howard-others">told The Block</a>, that the fundraising values the Ethereum staking protocol at $300 million. According to Young, his company received $50 million in commitments but chose to close the round at $14 million because it did not need the extra funds at this time. 
The company also announced the public launch of its Ethereum-based stablecoin USDe, which has been in stealth mode since December. The USDe stablecoin has already realised more than $224 million in total value locked, according to the announcement. 
According to its website, Ethena currently has three products on offer. The USDe stablecoin, which it describes as a delta-neutral synthetic dollar with embedded yield, Internet Bonds — described as globally accessible floating &amp; fixed rate USD-denominated bonds, and Repo Financing. 
According to Ethena, the bond allows investors to earn through a staked version of the USDe (sUSDe) by capturing both the inherent staked ether yield and the basis in futures markets. And in the last two years, the bond averaged an annualised return of 12-20%, Ethena told The Block. 
Update: This article has been edited to reflect a revised list of investors in the fundraising. 
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The post <a href="https://www.nftgators.com/ethena-secures-14m-strategic-funding-round-at-300m-valuation/">Ethena Secures $14M Strategic Funding Round at $300M Valuation</a> appeared first on <a href="https://www.nftgators.com">NFTgators </a>.

Ethena Secures $14M Strategic Funding Round at $300M Valuation

NFTgators

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