Ethena, known as the first on-chain synthetic dollar mechanism based on Ethereum, has announced its decision to choose Coinbase Prime to handle critical portions of its operations.
Ethena's Decision
In this agreement, Coinbase Prime will provide custody services, USDC access, and self-custodial wallet solutions for Ethena’s protocol. This agreement is expected to improve Ethena’s operational efficiency, notably in the minting and redeeming procedures.
Prime Web3 Wallet Integration
Ethena will incorporate the Coinbase Prime Web3 Wallet into its protocol. This wallet is more than simply a tool for accessing cryptocurrency and decentralized applications; it is also a critical component of Ethena’s operational processes. The Prime Web3 Wallet has a smooth interface and powerful reporting tools, all of which are fully linked with Coinbase Prime. By adding this wallet to its minting and redeeming operations, Ethena hopes to streamline its infrastructure, making it more efficient and user-friendly.
Role of USDC in the Protocol
Ethena plans to increase the use of USDC within its protocol. By implementing USDC, Ethena intends to improve the backing of its synthetic dollar, assuring greater stability and scalability within its ecosystem. This move reflects Ethena’s strategic strategy of utilizing stablecoins to improve protocol performance.
Ethena’s choice of Coinbase as its primary custodian highlights its dedication to security and innovation in the cryptocurrency market.
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