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Coinbase backs Ethena ahead of savings product launch for exchange's 100 million users
Key takeaways
- Ethena announced Tuesday that it partnered with Coinbase to expand onchain finance and savings offerings, with the first initiative scheduled to launch next week.
- "Excited to partner with Coinbase for the first time to support their dollar savings products," Ethena founder Guy Young said in a post on X.
- ENA, Ethena's governance token, surged 20% following the news before paring gains.
Ethena announced Tuesday that it partnered with Coinbase to expand onchain finance and savings offerings, with the first initiative scheduled to launch next week.
"Excited to partner with Coinbase for the first time to support their dollar savings products," Ethena founder Guy Young said in a post on X. "The upcoming integration next week will be the first time Ethena products are available for their 100m+ user base."
As part of the deal, Coinbase said it is already Ethena's primary custodian, wallet provider and perpetuals venue, while the protocol's USDe yield token will be distributed on the Base network and the "wider [Coinbase] ecosystem."
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