MEXC Ventures, the investment arm of the MEXC crypto exchange, announced at the ongoing Token2049 conference that it has made a second investment in Ethena with $30 million to the project’s governance token, ENA.
With this new round, the firm now has a total commitment of $66 million across the Ethena ecosystem, according to the press release.
Earlier this year, MEXC Ventures had already invested $16 million in Ethena. In addition, MEXC also purchased $20 million worth of USDe, Ethena’s synthetic dollar, a type of stablecoin designed to stay at a steady value.
Together, MEXC Ventures has built up a serious commitment to Ethena, supporting both the project’s token and its stablecoin system.
Ethena’s Push for Growth
Ethena is an innovator in the stablecoin space. It focuses on giving people a reliable digital dollar while also making it easy to take part in governance through ENA.
The company has been expanding reach, especially by partnering with Based to bring its products, including USDe, into the Hyperliquid ecosystem.
“Our second investment in ENA reflects our commitment to backing the Ethena ecosystem—from the protocol itself to its governance token,” said Cecilia Hseuh, Chief Strategy Officer at MEXC in the press release. She added that MEXC is not just a financial supporter but also an “industry enabler,” that provides technical, operational, and marketing support.
On September 8, CCN analyst Valdrin Tahiri said Ethena’s expansion and treasury-backed buying strategy “have set the stage for potential upside” in ENA’s price, though he cautioned that “price action around critical resistance levels will be decisive.”
ENA Surges 7% After the News
Meanwhile, ENA, the native token, is trading for $0.58 following the news. This is a 7.19 surge today from the previous day with a market cap of $4.03 billion.
MEXC Ventures has been building its presence in the blockchain space, with over $100 million invested across 40 projects in the past two years. Seven of those projects have received what the company calls “empowerment support,” which includes marketing campaigns, operational assistance, and trading infrastructure.
“Our synergistic approach combining exchange operations, strategic investments, and comprehensive project support creates unique value for our portfolio companies,” said Leo Zhao, Investment Director at MEXC Ventures.
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