Coinbase invests in Ethena via open market ENA purchases, teases new collaboration

Odaily Odaily reports that Coinbase Ventures stated it has invested in Ethena by purchasing ENA tokens on the open market. Following the announcement, ENA rose approximately 6% over the past 24 hours.

Ethena said the two parties will collaborate to advance on-chain finance and savings products. Coinbase also mentioned that they will establish closer cooperation, which involves Circle's stablecoin USDC.

Ethena founder Guy Young stated that Ethena's products will be integrated with Coinbase's user base of over 100 million for the first time next week, to support its dollar savings products. The market is watching how the two parties will subsequently collaborate around USDC and Ethena's synthetic dollar, USDe. This move also comes as the US "Clarity Act" remains deadlocked in the legislative process. The bill concerns whether platforms like Coinbase can offer users rewards for holding stablecoins, while banking lobbying groups have consistently opposed similar stablecoin yield arrangements.