$36 Million Investment Received for Surprise Altcoin Backed by Arthur Hayes!

MEXC, one of the leading cryptocurrency exchanges, has invested a total of $36 million in Ethena and its stablecoin USDe.

MEXC Ventures, the investment arm of MEXC, has invested $36 million in Ethena (ENA) and its stablecoin USDe, CoinDesk reported.

The company invested $16 million in Ethena while purchasing $20 million worth of USDe to support synthetic dollar adoption in the decentralized finance (DeFi) space.

MEXC COO Tracy Jin said:

“As investment demand for Bitcoin and other digital assets continues to grow, stablecoins are expected to attract even more investment.

“MEXC sees Ethena as a key player in the development of various stablecoins that will drive the crypto industry forward, support wider adoption, and provide users with more stable and efficient financial solutions.”

Known as a synthetic stablecoin, USDe differs from traditional stablecoins like USDT and USDC because it is not backed 1:1 by fiat assets.

The investment comes after Ethena raised $100 million in a funding round last year that included Franklin Templeton and Fidelity Investments' F-Prime Capital.

*This is not investment advice.