Ethena Labs raised $14 million from PayPal Ventures, Franklin Templeton, Fidelity and many other key funds

USDe stablecoin developer Ethena Labs has raised $14 million.

Participating in the round were Dragonfly, Brevan Howard Digital, BitMEX founder Arthur Hayes' family office Maelstrom, PayPal Ventures, Franklin Templeton, Fidelity through Avon Ventures and several cryptocurrency exchanges including Binance, Deribit, Gemini and Kraken.

The founder of the project, Guy Young, said that the round was supposed to be $50 million, but the company decided to limit it to $14 million, since this money would be enough for development.

Ethena has now reached a valuation of $300 million.

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