Coinbase Ventures has taken a stake in the ENA token, and the company’s broader partnership with the crypto project Ethena has expanded across multiple product lines. The news pushed the token’s price up 15% on the day of the announcement.
The stake and the expanded partnership
Coinbase’s venture arm bought into the ENA token, though the size of the stake was not disclosed. At the same time, the exchange deepened its ties with Ethena, the platform behind the USDe stablecoin. The expanded agreement now covers custody services, wallet integrations, perpetual futures (perps), and direct access to USDe.
What the deal covers
The custody piece means Coinbase will hold Ethena-related assets for institutional clients. Wallet integration could let users store ENA and USDe directly inside Coinbase Wallet. The perps component gives traders access to ENA perpetual futures on Coinbase’s derivatives exchange. And USDe access means users can buy, sell, or hold the stablecoin through Coinbase’s platform.
Price jump
ENA’s token price reacted quickly. It climbed 15% after the news broke. The move reflects investor optimism about the deeper link between Coinbase, one of the largest crypto exchanges, and Ethena, which has been building out its stablecoin and yield products. The exact value of the stake and the financial terms of the partnership expansion were not made public.
The partnership expansion gives Ethena a distribution channel through Coinbase’s millions of users, while Coinbase adds another yield-bearing asset and trading product to its lineup. The deal is the latest example of exchanges integrating with protocol tokens and stablecoin projects to broaden their offerings.
