TechFlow news: Coinbase Prime has announced that it has been selected by Ethena Labs and the Ethena Foundation as a service provider for the Ethena protocol. Ethena is the first on-chain synthetic U.S. dollar protocol built on Ethereum.
Under a multi-product agreement, Coinbase Prime will provide Ethena with custody, USDC, and self-custody wallet services. Specifically:
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Serving as the primary custodian for ENA tokens, providing institutional-grade solutions for the Ethena Labs core team and the Ethena Foundation;
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Integrating the Prime Web3 wallet into the protocol's minting and redemption processes to enhance infrastructure efficiency;
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Ethena will adopt USDC and expand its use in protocol backing.
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