Portugal-based Ethena, a startup building an internet savings bond as well as a new Ethereum-based stablecoin backed by derivatives, has attracted $6 million in a seed round headed by crypto-focused venture capital firm Dragonfly.
The funds will be used by the startup to launch its stablecoin and bond asset in the third quarter.
Other investors in the round included BitMEX founder Arthur Hayes and his family office, Maelstrom, as well as a number of crypto derivatives exchanges such as Deribit, Bybit, OKX, Gemini, and Huobi.
Ethena, which was founded earlier this year, is working on two new products that will combine to form a digital currency and savings platform.
On-chain custody and settlement will be available for the fully collateralized stablecoin.