Key Takeaways
- MEXC has now committed a total of $30 million to Ethena’s governance token ENA.
- The firm positions itself as an “industry enabler”.
- Ethena is expanding its synthetic dollar protocol and governance token adoption.
MEXC Ventures has doubled down on its backing of Ethena, committing a second investment to the protocol’s governance token ENA.
The latest funding builds on a $16 million stake disclosed earlier this year, bringing its total investment to $30 million.
MEXC Ventures Invests in Ethena
Ethena, an innovator in the stablecoin sector, is seeking to expand adoption of its synthetic dollar protocol while strengthening governance through ENA.
MEXC Ventures, the investment arm of crypto exchange MEXC, said its repeat investment underscores a longer-term strategy to act as more than just a financial backer.
“Our second investment in ENA reflects our commitment to backing the Ethena ecosystem — from the protocol itself to its governance token,” said Cecilia Hseuh, MEXC’s Chief Strategy Officer.
She described the exchange as an “industry enabler,” combining venture funding with operational and technical support.
Ethena’s Expansion
The move follows news that Ethena was partnering with Based to continue its support of the Hyperliquid ecosystem.
The partnership will see Based adopt USDe and other unreleased Ethena products on Hyperliquid.
Ethena has been aggressively expanding its products into the Hyperliquid ecosystem.
Treasury Stablecoin X also recently announced it had raised an additional $530 million to accumulate ENA.
On Sept. 8, CCN analyst Valdrin Tahiri said Ethena’s aggressive expansion and treasury-backed buying strategy “have set the stage for potential upside” in ENA price.
However, he added that “price action around critical resistance levels will be decisive” and “Hyperliquid’s bearish wedge formation raises caution flags.”
At the time of reporting, ENA’s price was $0.56, up a modest 0.89% in the past 24 hours in anticipation of a $126.8 million token unlock this week.
MEXC’s Blockchain Push
Over the past two years, MEXC Ventures has deployed more than $100 million into 40 blockchain projects.
Seven of those have received what the company calls “empowerment support,” which includes marketing and infrastructure assistance.
Leo Zhao, Investment Director at MEXC Ventures, said the approach is designed to build ecosystems rather than act as a passive investor.
“Our synergistic approach combining exchange operations, strategic investments, and comprehensive project support creates unique value for our portfolio companies,” he said.
The firm indicated it would continue to scout for early-stage blockchain ventures, offering long-term backing to projects with strong technical foundations.
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Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
