According to ChainCatcher, Coinbase Prime announced that it has been selected by Ethena Labs and the Ethena Foundation as the service provider for the Ethena protocol. Ethena is the first on-chain synthetic dollar protocol built on Ethereum.
According to the agreement, Coinbase Prime will provide custody, USDC and self-custody wallet services for Ethena. Specifically, it will provide institutional-grade solutions to the Ethena Labs core team and the Ethena Foundation as the main custodian of ENA tokens; integrate the Prime Web3 wallet into the minting and redemption process of the protocol to improve infrastructure efficiency; Ethena will adopt USDC and expand its use in supporting protocols.
