Coinbase Ventures made its first investment in the Ethena protocol (ENA) and purchased ENA tokens on the open market. Coinbase will partner with Ethena to launch a new on-chain savings product next week targeting over 100 million users. Through this integration, Ethena’s yield-bearing USDe (sUSDe) token will be made available to users via the Coinbase ecosystem and the Base network. Coinbase serves as Ethena’s primary custodian, wallet provider, and perpetuals trading platform. This collaboration has the potential to significantly accelerate Ethena’s adoption by bringing its USDe products to mainstream users. Following the announcement, the ENA token rose nearly 20% in the short term.