Two prominent participants in the tokenization industry, Securitize and Ethena Labs, announced the launch of the new Ethereum-compatible Converge blockchain, designed to bridge the gap between traditional finance and decentralized finance (DeFi).
Launch of Converge Blockchain
Following the development of the Converge blockchain, the price of the altcoin Ethena (ENA), listed on Binance, increased by approximately 3%. Converge is expected to help integrate traditional financial assets into blockchain-based ecosystems.
Interest in BlackRock Tokens
Both firms have shown interest in BlackRock's money market token BUIDL. Ethena plans to integrate its $6 billion DeFi ecosystem, including the USDe token and USDtb stablecoin, into Converge. Securitize aims to bring a suite of tokenized real-world assets, including the newly issued Apollo loan fund token, to the new blockchain.
Statement from Securitize CEO
Carlos Domingo, CEO of Securitize, noted the importance of combining tokenized securities with DeFi innovations. "Tokenization, in and of itself, is putting your securities on a different ledger, which creates cost savings and efficiencies. But it does not necessarily create new opportunities for these assets," he explained.
The drive to integrate traditional financial assets into blockchain-based ecosystems has gained momentum since the early days of DeFi. The new Converge blockchain from Securitize and Ethena Labs could be a significant step in this direction.
