Here’s what happened in crypto today

Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.A tech startup looking to build an Ethereum-based synthetic dollar has raised $14 million in fresh financing. Meanwhile, 24 hours after YouTuber KSI was accused of being a pump-and-dump merchant, the boss of the project in question has come out to defend him. Plus, a coalition of banking and financial services groups in the United States have urged the SEC to update rules that could see American banks become custodians to spot Bitcoin exchange-traded funds.

Ethena Labs receives fresh funding for synthetic dollar project

Technology startup Ethena Labs has raised $14 million in funding to further the development of its Ethereum-based synthetic dollar.

The funding round was disclosed on Feb. 16 and builds off a previous $6 million round that was led by Binance Labs, Gemini and Bybit, among others. The current round was primarily backed by venture capital firm Dragonfly.

Ethena Labs is developing USDe, a synthetic dollar backed by delta-hedging strategies using Ether

ETH

tickers down

$2,778

as primary collateral. Since launching in December, USDe has amassed more than $200 million in total value locked, according to industry data.

https://www.binance.info/en/activity/referral-entry/CPA?ref=CPA_00W9FZGMZR