Ethena Crypto Project Raises $100 Million to Fund Finance Foray

Ethena, a crypto project whose dollar-pegged coin has ballooned to become one of the biggest of its kind since its launch a year ago, has raised $100 million to help fund the introduction of a similar token aimed at traditional financial institutions.

The fundraising, which hasn’t been previously reported, was completed in December and drew investors including Franklin Templeton and F-Prime Capital, the venture capital firm affiliated with Fidelity Investments, according to a person with knowledge of the matter.

Ethena runs two cryptocurrencies: ENA, which is a so-called governance token that gives owners a say in the project; and USDe, ...