# Ethena (BVI)

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/ethena-bvi

- Industry: Financial Services
- Headquarters: Lisbon, Portugal
- Website: www.ethena.fi/
- Total disclosed funding: $20M
- Latest round: Seed (Feb 16, 2024)
- Investors on record: 8

## About

Based in Lisbon, Portugal, and founded in 2023, Ethena Labs, Unipessoal LDA, also known as Ethena Labs, operates as a blockchain technology firm that offers cryptocurrency solutions. The company was founded by its CEO, Guy Young. 
Ethena Labs offers derivative infrastructure, dollar-denominated savings solutions, and decentralized finance solutions for the crypto-native yield market. The company’s product line includes USDe, a delta-neutral stablecoin with an embedded yield that allows users to deposit USD, Ethereum, or liquid staking tokens as collateral to generate USDe; internet bonds, which are Ethereum-based stablecoins; and repo financing. The company will use the September 2026 funding to diversify the sources of returns generated by assets backing USDe and deploy capital into overcollateralized institutional credit.

## Funding rounds

- Seed, Feb 16, 2024, $14M — Dragonfly, Maelstrom
- Seed, Jul 17, 2023, $6M — Dragonfly Digital Management, Bybit, Gemini, Deribit, HTX, OKX, Maelstrom

## Investors

- Dragonfly Digital Management (https://capitalatlas.ai/funds/dragonfly-digital-management) — Seed
- Bybit — Seed
- Gemini (https://capitalatlas.ai/funds/gemini) — Seed
- Deribit — Seed
- HTX — Seed
- OKX — Seed
- Maelstrom (https://capitalatlas.ai/funds/maelstrom) — Seed
- Dragonfly — Seed