Ethena, the issuer of the USDe stablecoin, has raised $100 million in a private token sale aimed at developing a new blockchain and launching a traditional finance-focused cryptocurrency. Investors include Franklin Templeton, Fidelity-affiliated F-Prime Capital, Dragonfly Capital Partners, Polychain Capital, and Pantera Capital Management. Ethena conducted the sale in December 2024, offering governance tokens at an average price of $0.4. Following the announcement, the price of its token, ENA, surged to $1.30 before experiencing a drop of 70%. The funds will be used to enhance Ethena's offerings, including a new product, iUSDe, aimed at traditional financial institutions. Ethena's partnership with Trump’s World Liberty Financial focuses on launching sUSDe, a staked version of USDe, enabling integrations with DeFi projects. Ethena's strategy remains centered on providing access to traditional finance partners in the upcoming year.

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