Ethena, a startup crypto firm has raised $6 million in seed funding from web3 venture firm Dragonfly Capital. Deribit, Bybit, OKX, Gemini, Huobi, and BitMEX creator Arthur Hayes are also investors. Athena’s core product is a new Ethereum-backed stablecoin, whose peg is supported by employing user-provided collateral to short ether through perpetual swaps. By holding equal amounts of staked ETH and perpetual swaps, it ensures that any gains or losses by either asset are essentially canceled out.
Ethereum-Backed Stablecoin Developer Ethena Raises $6M
