M2 Capital, the investment arm of UAE's M2 Holdings, has invested $20 million in Ethena's governance token ENA. Ethena is a crypto-native synthetic dollar protocol product based on Ethereum.
M2 Holdings plans to incorporate Ethena (ENA) products into its customer service system through its affiliate M2 Global Wealth Limited. According to a Thursday announcement, the digital asset conglomerate M2 Holdings has established a presence in custody, investment, and wealth management.
Kim Wong, Managing Director and CFO of M2 Holdings, stated, "M2's investment in Ethena further promotes the development of digital asset investors in the Middle East."
Ethena has joined M2's expanding list of strategic investments. Previously, M2 invested in the Sui (SUI) Foundation and supported SUI Group Holdings' listing on Nasdaq through PIPE (Private Investment in Public Equity) transactions.
According to DefiLlama data, as of the announcement, Ethena's total value locked (TVL) has risen to nearly $14.5 billion. Over the past year, the Ethena protocol has generated $666.82 million in fees, with total protocol revenue and earnings reaching $32.32 million.
Ethena employs a crypto asset collateral and neutral hedging strategy to provide users with a price-stable stablecoin (USDe) and a yield-generating version (sUSDe).
According to information on its official website, Ethena's yield asset sUSDe has an annualized yield of 6%, which is below the industry average of 19% for 2024. The project has attracted over 811,000 users, covering 24 blockchain networks.
According to Cointelegraph, attempts to contact M2 Holdings for comments were not responded to by the time of publication.
Last week, Zhao Changpeng (CZ)'s associated investment firm YZi Labs increased its investment in Ethena, aiding the expansion of stablecoins. This move will promote the scaling of USDe on the BNB Chain and accelerate the development of the treasury-backed stablecoin USDtb and Ethena's institutional settlement layer Converge for real asset tokenization.
As crypto payment companies receive more attention, Ethena's momentum continues to grow. On Thursday, stablecoin payment company RedotPay announced the completion of a $47 million strategic financing round, elevating it to fintech unicorn status.
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Original article: “M2 Capital invests $20 million in Ethena to support its ENA token”
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