Coinbase Ventures has bought ENA tokens on the open market rather than through a discounted private round, the venture arm's first such disclosed purchase, as the parent exchange and synthetic-dollar issuer Ethena announced a separate partnership to push onchain finance and savings products to Coinbase's userbase.
Ethena disclosed both moves in a post on its official X account Tuesday, saying the two companies "have partnered to grow onchain finance and savings products" for Coinbase's "100m+ userbase," with "the first growth initiative launching next week."
The same post said Coinbase Ventures "have also made their first investment into Ethena on the open market."
Coinbase Ventures confirmed the token purchase on its official X account.
“Coinbase Ventures is proud to back @Ethena through an open market purchase of ENA,” the post said. “Ethena is a critical player in onchain finance, and we are excited for the closer partnership with Coinbase and USDC.”
