Coinbase, the biggest cryptocurrency change in america, introduced that Coinbase Prime has signed a custody settlement with Ethena Labs.
Coinbase introduced in its official weblog publish that its brokerage platform Coinbase Prime has signed a custody settlement with Ethena Labs, the issuer of stablecoin USDe.
Below this settlement, Coinbase will handle the custody of ENA tokens for Ethena Labs and the Ethena Basis.
Below the settlement, Coinbase Prime will present custody, USDC, and self-hosted pockets providers for Ethena.
Moreover, Coinbase Prime’s Web3 pockets will probably be built-in into Ethena’s minting and redemption processes, bettering the protocol’s effectivity.
“Particularly, the settlement consists of:
Serving as the first custodian of ENA tokens;
Offering enterprise-level options for the Ethena Labs core group and the Ethena Basis;
Integrating the Prime Web3 pockets into the protocol’s minting and redemption course of to extend Ethena’s infrastructure effectivity;
“Undertake USDC and broaden its use in help agreements”
“We’re excited to work with some of the distinguished brokerage platforms and most safe custodians in our trade,” mentioned Man Younger, CEO and founding father of Ethena Labs, in a press release. “Coinbase’s distinctive observe report of constantly delivering best-in-class, institution-grade merchandise made this a no brainer for us.”
Ethena (ENA) is the primary on-chain artificial USD protocol constructed on Ethereum.
ENA, which has gained 4% within the final 24 hours, continues to commerce at $0.31.
*This isn’t funding recommendation.