According to Bloomberg, Ethena, the issuer of the synthetic dollar, USDe has carried out a private token sale to launch a new cryptocurrency project. The publication, according to a report on February 24, revealed that the firm raised $100 million from early backers that included Franklin Templeton.
In addition to Franklin Templeton, other prominent investors like Dragonfly Capital Partners, Polychain Capital, Pantera Capital Management, and F-Prime Capital participated in the private sale. The involvement of these big bags supported the private sale to garner impressive figures.
Furthermore, Bloomberg while citing people familiar with the matter said Ethena during the private sale offered its native token; ENS for $0.40. More so, the report established that Ethena is seeking to use the funds to develop its blockchain network and a TradeFi token; iUSDe.
Recall that in January, the founder of Ethena Labs, Guy Young discussed plans to launch iUSDe tokens that will be specifically designed for financial institutions with regulatory approval.
In a blog post, Guy hinted that the token is similar to the sUSDe but comes with a simple wrapper contract that restricts transfer. This feature allows the iUSDe to become adoptable for traditional finance institutions.
The founder further indicated that by Q1 2025, Ethena will focus on enabling iUSDe access for distribution partners in the TradFi space. It is worth mentioning that in October 2024, the company endured serious criticism for allegedly participating in a farming event.
Side Note on Ethena Labs
Ethena Labs has been making headlines for good reasons. On December 12, 2024, USDe flipped DAI to become the third largest stablecoins by market capitalization.
Despite launching in February 2024, the token has gathered a huge value of more than $5.8 billion. Currently, USDe is ranked fourth among the biggest stablecoins by Coinmarketcap.
Also, in December, Ethena Labs collaborated with popular organization supported by Donald Trump, World Liberty Financial. As revealed, the collaboration focused on integrating Ethena’s sUSDe with World’s Financial Liberty’s Aave assistance.
By that, the synergy will allow users to deposit USDe and receive sUSDe and WLF tokens as reward. Meanwhile, the proceeds from the recent private dale will assist Ethena Labs in advancing its cryptocurrency offerings.