Coinbase is about to plug 100 million users into Ethena's savings product — accumulate ENA ahead of launch
Coinbase's venture arm just bought Ethena tokens on the open market, and Ethena is about to launch a savings-style product that will be available to all 100 million Coinbase users starting next week.
Idea
This is a rare case where a major exchange is directly integrating a DeFi savings product for its entire user base — 100 million people. When Coinbase listed tokens in the past, the associated assets often saw sharp rallies in the days around the listing as millions of new potential buyers gained access for the first time. On top of that, Coinbase Ventures bought ENA tokens on the open market, which is a stronger signal than a private investment because they're accepting the same price and liquidity as everyone else. The product launches next week, so there's a clear near-term catalyst that could drive demand as users discover and deposit into Ethena's yield product for the first time.