Coinbase Ventures backs Ethena's savings product

Coinbase Ventures has invested in Ethena by purchasing its ENA tokens on the open market, signaling strong support for the protocol's upcoming savings product. This new offering will soon be available to Coinbase's extensive user base of over 100 million individuals, marking a significant expansion for Ethena beyond crypto-native users. The partnership aims to integrate Ethena's yield-generating infrastructure with Coinbase's stablecoin ecosystem, potentially offering enhanced yields on stablecoin deposits. Additionally, Ethena is deepening its institutional reach through an expanded partnership with Anchorage Digital to facilitate regulated crypto lending.