Ethena Labs and Securitize have announced the launch of Converge, a layer-1 blockchain focused on institutional capital flows and integrating tokenized assets with DeFi.
According to Ethena Labs’ March 17 announcement, the initiative aims to provide a purpose-built network for permissioned and permissionless financial applications.
Ethena Labs and Securitize plan to release technical documentation in the coming weeks, followed by a developer testnet. The mainnet launch is scheduled for the second quarter.
Institutional capital and tokenized assets
Ethena Labs and Securitize see supporting DeFi speculation and providing storage and settlement for stablecoins and tokenized assets as two primary applications for blockchain technology.
While speculative activity remains a core use case, the firms believe a more substantial opportunity exists in the institutional adoption of tokenized financial products.
Securitize has issued approximately $2 billion in on-chain assets, including
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