A Major Exchange Announced It Has Increased Its Investment in a Surprise Altcoin

MEXC Ventures, the cryptocurrency investment arm of MEXC, has increased its investment in the Ethena (ENA) ecosystem, bringing the total to $66 million. According to the shared press release, the company made an additional investment of $30 million in ENA, the governance token of the Ethena protocol. MEXC Ventures’ latest move follows its $16 million acquisition of ENA and $20 million of USDe earlier in the year, bringing the company’s total investment in the Ethena ecosystem to $66 million. Related News: The Big Day Has Arrived: Collapsed Exchange FTX to Distribute $1.6 Billion to Creditors! Here Are the Details USDe is a synthetic stablecoin that aims to track the value of the dollar without relying on traditional reserves. Instead, it uses a combination of collateralized stablecoins and futures contracts. USDe's market capitalization has nearly tripled since the beginning of July, from $5.3 billion to $14.65 billion. However, traditional stablecoins, backed by assets like cash and US Treasury bonds, still dominate the market. The leading stablecoin, Tether (USDT), has a market capitalization of $174.7 billion. However, there are those who keep their distance from USDe because it could cause a crisis similar to the LUNA crisis. “We see ourselves as ecosystem builders, not passive investors,” said Leo Zhao, Investment Director at MEXC Ventures. *This is not investment advice. Continue Reading: A Major Exchange Announced It Has Increased Its Investment in a Surprise Altcoin