MEXC Ventures Doubles Investment in Ethena to $66M

MEXC Ventures has increased its investment in the Ethena ecosystem to $66 million total, according to a press release shared with CoinDesk. The latest move includes a $14 million investment in ENA, the governance token of the Ethena protocol, building on a $16 million ENA purchase and $20 million acquisition of USDe made earlier this year.

USDe is a synthetic stablecoin designed to track the value of the dollar without holding traditional reserves. Instead, it uses a combination of collateralized stablecoins and futures contracts. The stablecoin’s market capitalization has nearly tripled since early July from around $5.3 billion to $14.65 billion. Traditional stablecoins backed by cash and cash equivalents, including U.S. Treasurys, remain dominant, with the leader USDT having a $174.7 billion market capitalization.

MEXC Ventures has invested over $100 million in 40 investment projects and has provided enhanced empowerment support to seven projects. Leo Zhao, Investment Director of MEXC Ventures, said the firm views its role as ecosystem builders rather than passive investors.

Автор Benjamin Redfern

I was born in 1979 in Dunedin, New Zealand, where cold mornings, steep streets, and strong opinions about rugby were part of ordinary life. I use Benjamin Redfern as my public name. My private identity remains known only to close family and long-standing friends.