Converge Blockchain Launches to Bridge Traditional and Decentralized Finance
Ethena Labs and Securitize have unveiled Converge, a new blockchain platform designed to support decentralized finance (DeFi) and tokenized assets. This network aims to cater to both retail and institutional investors by offering standard DeFi applications and financial products that meet institutional standards.
Converge is built on Ethereum’s Virtual Machine, ensuring compatibility with existing Ethereum-based applications and smart contracts. Ethena (ENA) plans to migrate its DeFi ecosystem, which holds nearly $6 billion in assets, onto this platform. Securitize, a specialist in tokenizing real-world assets, will use converge to issue and manage digital securities. Tokenized assets are digital versions of financial instruments such as stocks, bonds, and real estate. The blockchain allows institutions to interact with these assets while maintaining regulatory compliance.
Key features include DeFi applications from partners like Pendle,Aave Labs,and Maple Finance. It supports interoperability through LayerZero and Wormhole, facilitating seamless asset transfers across different blockchains. Oracle providers like RedStone and Pyth will provide real-time price data. The network will integrate DeFi apps and support both permissionless and permissioned offerings for institutional users.
- Converge will use the ENA token for security and stablecoins like USDe and USDtb for transaction fees.
- Institutional-grade custodians, including Anchorage, Copper, and Fireblocks, will secure these assets.
- Converge combines DeFi efficiency with compliance-focused infrastructure, addressing regulatory barriers that have hindered institutional participation in DeFi.
By integrating DeFi applications and ensuring regulatory compliance,Converge aims to bridge traditional finance and blockchain markets. The blockchain will support interoperability, making it easier for institutions to engage with DeFi.
Converge is seen as a solution to regulatory challenges, enabling institutions to fully engage with defi. The platform supports DeFi applications and tokenized assets, allowing institutions to interact on-chain.
Converge will integrate DeFi apps and financial products that comply with institutional requirements. This blockchain could revolutionize how institutions interact with digital assets, promoting a seamless transition into the decentralized finance space.
