Securitized and Ethena Labs, two companies working in close collaboration with the BlackRock’s Money Market Buidl token, have created an Ethereum compatible blockchain called Converge, designed to house tokenized assets and provide institutional investors with decentralized finance innovation (DEFI).
Ethena, who offers a USDE token and a Stablecoin USDTB supported by Buidl, migration of his DEFIM ecosystem of $ 6 billion to converge, while security, the transfer agent of Blackrock’s Buidl Token, will bring his actual real token (RWAS), like the end of the recently emitted.
Since the first days of DEFI, there has been a concerted effort to expand beyond cryptocurrencies and bring traditional assets to the chain as guaranteed. Today, traditional financial companies are claiming to participate in the race for tokenization, it is therefore logical for companies like Securitis and Ethena to create an institutional path in Defi.
“Tokenization, in itself, only put your titles on a large book, and it produces cost savings and efficiency gains, but that does not necessarily lead to something considerably different in terms of what you can do with these assets,” said CEO Carlos Domingo in an interview. “On the other hand, Crypto has developed very new ways to use digital assets. If you could really bring back this DEFI innovation in the RWA space, it could explode it. »»
Securing and Ethena brought a solid business of initial partners to converge, in particular Pendle, Avara (the parent company of Aave Labs), Ethereal, Morpho and Maple Finance. The childcare services will be provided by Copper, Fireblocks, Komainu and Zodia, while interoperability will occur via the Layerzero, Wormhole and Oracle of Redstone support.
At the end of what can be built using the Converge blockchain, the founder of the founder Ethena, Guy Young, said that there will be new products that are gracious to serve to be housed on the chain, opening new use cases.
“This could use this thing as a guarantee on tailor -made money markets, or it could be trading of different assets that do not exist on the chain now on a real scale, which could be actions or something else, in the future,” said Young in an interview. “We believe that something that is built for this intersection of Tradfi and Defi will be one of the greatest opportunities in the coming years.”
Converge will be compatible with the Ethereum virtual machine (EVM), allowing it to execute intelligent contracts based on Ethereum, DAPPs and tools without modification. He will have performance in accordance with advanced blockchains, according to a press release.
The Ethena’s indigenous governance token, ENA, will serve as an asset that is imply (via SENA) to converge, guaranteeing the network with a set of authorized validators composed of traditional financial entities and centralized exchanges. The USDE and the USDTB will serve as gas tokens for the network.
Converge is a public channel open with a kind of knowledge of your customer’s knowledge (KYC), which goes beyond the simple white list of portfolios, said Domingo.
“DEFI today is specifically designed for market players without authorization and anonymous and freely transactor assets,” said Domingo. “To provide this innovation in a context where the guarantees and assets that you engage in the protocol are in fact a regulated instrument, there are a lot of things beyond the purely white and KYC registration portfolios.”
