Coinbase Ventures invests in Ethena, deepens ENA partnership
In brief
- Coinbase Ventures acquires ENA stake through open market purchase, first direct investment
- Coinbase becomes Ethena's primary custodian, wallet provider, and perpetuals venue
- ENA token surges 15% on partnership news, trading near $0.96
- Ethena's USDe stablecoin expanding to Base and broader Coinbase ecosystem
- Ethena products now accessible to Coinbase's 100+ million users
Coinbase's expanded role
The move builds on a relationship that began in 2024 when Coinbase Prime was selected by Ethena to provide custody and wallet services. This latest investment signals Coinbase Ventures' confidence in Ethena's role within onchain finance infrastructure.
ENA, the native token of Ethena, rose more than 15% on the news of the partnership and investment. The token was trading near $0.96 at press time, reflecting market enthusiasm for the expanded relationship between the two platforms.
Integration and product rollout
The partnership makes Coinbase Ethena's primary custodian, wallet provider, and perpetuals venue, supporting security and operations across the protocol's assets. This integration marks the first time Ethena products become available to Coinbase's user base of more than 100 million.
Ethena's USDe stablecoin is also coming to Base and the broader Coinbase ecosystem. The rollout represents a significant step in expanding onchain financial products to a mainstream audience.
"Ethena founder Guy Young said the upcoming integration will mark the first time Ethena products become available to Coinbase's user base of more than 100 million."
Coinbase Ventures described Ethena as a critical player in onchain finance, backing the protocol through its first open market investment in ENA. The move reflects broader institutional interest in stablecoin infrastructure and derivative protocols as the crypto market matures.
