Ethena Labs and Securitize are working together to launch Converge, a new blockchain for decentralized funds and tokenized assets. Converge is Ethereum virtual machine compatible and provides both retail and institutional obligations. After the announcement, ENA prices rose 5% to change hands to over $0.38
Ethena Labs and Securitize are teaming up with a venture where Crypto Projects, a new blockchain built for tokenized assets and decentralized finance, will unveil Converge.
Announced on March 17th, Converge will be a custom-built, Ethereum-compatible blockchain. Developers envision a platform that caters to both everyday investors and deep institutional players.
The expected launch date is 2025 quarter, according to a blog post introducing the new blockchain.
Ecena, Security announces convergence
According to Ethena Labs, Converge is a blockchain platform designed to bridge the gap between traditional finance and Defi.
The technology behind the EVM compatibility chain allows users to take advantage of user-friendly, decentralized applications for retail investors. Converge also offers a set of top tools aimed at institutional investors.
Ethena Labs and Securitized Plan leverage new blockchains to advance the Defi and Asset tokenization ecosystem. In this case, the partnership will allow Ecena to converge the fast-growing defi.
Securitize also revamps traction in real-world asset (RWA) tokenized spaces. With nearly $2 billion built, Securitize stands out as one of the top platforms defending the growth of tokenized assets.
The announcement of Converge will bring about an EVM-compatible payment layer and encourage new adoption of Stablecoins and tokenized assets.
“We are developing Converge to fill clear market gaps as a go-to settlement layer for facility-grade debt and tokenized assets,” said Guy Young, founder of Ethena Labs, in a statement.
According to Young, “Storage and Settlement of Stablecoins and Tokenized Assets” is expected to be a major opportunity in the coming years.
Stablecoins, blockchain, exchange is a “Holy Trinity Cryptographic Protocol” posted to X by the founder of Ethena Labs.
Further comments came from Carlos Domingo, co-founder and CEO of Securitize. He pointed out:
“By combining Ethena’s innovation in Defi with Securitize’s leadership in real-world asset symbolism, Converge sets new standards for how institutions can confidently engage with on-chain financial markets.”
Converge’s first launch partner
The two companies aim to advance Converge through collaboration between major industries. The causes are early launch partners such as Pendle, Aave Labs (via Horizon Project), Morpho, Ethereal, and Maple Finance.
Converge’s RWA traction benefits from custody assistance from Anchorage, Copper, Fireblock and Zodia, among other facility-grade custody providers.
Also important are interoperability partners Layerzero and Wormhole. Meanwhile, Converge uses Oracle Support from Pyth Network and Redstone.
Additionally, Converge uses staking and security using Ecena’s native governance token ENA. The latter utilizes the permitted validator set. USDE and USTB stubcoins power network transactions as gas tokens.
In this news, ENA tokens jumped over 5% and traded above $0.38.
