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. Continue Reading: $36 Million Investment Received for Surprise Altcoin Backed by Arthur Hayes!
