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Ethena - Seed
Overview
Funding Date
July 17, 2023
Financing amount
$6.5M
Valuation
--
Catagory
Subcategory
About Ethena - Seed
Ethena has emerged from stealth with a $6.5 million seed round fundraise led by blockchain-focused venture capital firm Dragonfly and supported by BitMEX founder Arthur Hayes and his family office, Maelstrom.
The round included participation from major crypto derivatives exchanges - including Deribit, Bybit, OKX, Gemini and Huobi - as well as a number of other venture capital and trading firms. Ethena will utilize the seed investment to prepare for the launch of their stablecoin and bond asset in the third quarter of 2023, including successfully 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.
Investors
| Investors | Type | Location | Year Founded | #Portfolio Companies | Email Address | Socials |
|---|---|---|---|---|---|---|
| Fund | United States of America | 2018 | 130 | info@dragonflycapitalpartners.com | ||
| Angel Investor | Hong Kong | -- | 14 | -- | ||
| Corporate | Netherlands | 2015 | 7 | info@deribit.com | ||
| Corporate | Seychelles | 2014 | 3 | -- | ||
| Corporate | The British Virgin Islands | 2018 | 11 | -- | ||
| Corporate | Hong Kong | 2017 | 144 | support@okex.com | ||
| Fund | Unknown | -- | 3 | -- | ||
| Fund | China | 2017 | 75 | capital@huobi.com | ||
| Fund | United States of America | 2020 | 58 | hello@nascent.xyz | ||
| Fund | United States of America | 2018 | 91 | team@delphidigital.io |
Founders & Team
Guy Young
Company Profile / Project Introduction
Ethena is a startup developing the first-ever ‘internet bond’ and a new Ethereum-based stablecoin secured by derivatives. Founded earlier this year, Ethena aims to address the need for accessible, permissionless dollar-denominated savings instruments beyond the US. The firm is working to develop 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
- The first-ever digitally native savings bond.