Ethena and Securitize collaborate to build a new EVM chain for institutional-level tokenized assets Converge

PANews March 18th news, according to The Block, tokenization company Ethena Labs plans to migrate its DeFi ecosystem to Converge, a new Ethereum-compatible blockchain it has built in partnership with Securities. According to an announcement on Monday, Converge is built on Ethereum virtual institutions and aims to make DeFi more accessible to institutions by providing compliant settlement and hosting services. The public network will integrate native KYC (Know Your Customers) features and provide access to Ethena and Securitize whitelisted investment products.

The two companies have selected Copper, Fireblocks, Komainu and Zodia for hosting services, and have invited major DeFi protocols Aave, Ethereal, Maple Finance, Morpho and Pendle as startup partners. The protocol is licensed to be accessed without permission and will run in parallel with Converge's "Limited Application Set" product. Converge is expected to launch sometime in the second quarter of 2025. The network will be protected by validators who stake Ethena's ENA tokens.