The Ethena crypto startup has attracted $6 million in investments from the venture capital firm Dragonfly Capital. The terms of the attachment are not disclosed. The list of Ethena investors also includes Deribit, Bybit, OKX, Gemini and Huobi exchanges.

Ethena is developing USDe, an algorithmic stablecoin that supports the exchange rate in relation to the US dollar due to the provision from users. The funds are used to hedge risks by placing short positions on ether (ETH) through perpetual swaps.