MEXC Ventures Raises Ethena Investment to $66M

Mexc Ventures has doubled its funding within the Ethena Ecosystem, in order that the entire publicity has been delivered to $ 66 million, shared with Coindesk in accordance with a press launch.

The ultimate step consists of an funding of $ 14 million in ENA, the governance to the Ethena protocol, constructing on an ANA buy of $ 16 million and $ 20 million takeover of Usde earlier this 12 months.

Usde is an artificial stablecoin that’s designed to observe the worth of the greenback with out preserving conventional reserves. As an alternative, using a mixture of collandable tablecoins and futures contracts makes use of.

The market capitalization of the Stablecoin has nearly tripled from round $ 5.3 billion to now $ 14.65 billion because the starting of July. Conventional stablecoins supported by money and money equivalents, together with American treasurys, stay dominant, with the chief USDT having a market capitalization of $ 174.7 billion.

Mexc Ventures, says the press launch, has already invested greater than $ 100 million in 40 funding tasks. It has provided “improved empowerment assist” for seven tasks.

“We see our function as ecosystem builders as a substitute of passive buyers,” mentioned Leo Zhao, funding director of Mexc Ventures.