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Interest in cryptocurrencies from institutional players has been growing, and now a new milestone has been reached. Major asset managers like BlackRock are venturing into the crypto space by launching products. Recently, it was announced that BlackRock will support the ENA Coin team in launching a network aimed at tokenized assets.
What is Converge?
Ethena Labs and Securitize have announced the launch of a new network. Developed collaboratively, Converge will serve as a purpose-built blockchain optimized for both individual and institutional DeFi. By supporting Ethereum 
$2,494, it maintains a connection with Ethereum’s network, which has become a center for Real World Assets (RWA).
In addition to DeFi products for individual investors, tailored offerings for corporations will enable companies to leverage blockchain technology effectively. Ethena plans to focus its corporate product offerings on Converge, aiming to integrate approximately $6 billion worth of existing DeFi ecosystems into this new framework.
The Rise of ENA Coin
Following the announcement, the price of ENA Coin increased by 5%. The establishment of a legal framework for cryptocurrencies in the U.S. and the resolution of regulatory battles are strong long-term supports. Such developments signal a bright future for cryptocurrencies.
Guy Young, the founder of Ethena, stated, “We are developing Converge to fill a clear gap in the market for institutional-level DeFi and tokenized assets.”
Carlos Domingo, co-founder and CEO of Securitize, expressed that institutions have been closely watching the development of DeFi but were hindered by a lack of regulatory clarity and infrastructure. Converge aims to solve this issue by establishing a purpose-built blockchain that seamlessly bridges traditional finance with DeFi opportunities.
