Altcoin Integration Boosts Price on Exchange with 20 Million Users: Key Highlights for Crypto Enthusiasts (Coin Name & Symbol)

  • Bybit, a cryptocurrency exchange, has announced its decision to integrate the stablecoin USDe, supported by Ethena (ENA), into its platform.
  • The integration of USDe as a collateral asset for futures trading and the listing of spot Bitcoin and Ethereum trading pairs have been carried out.
  • Following this significant integration, the price of ENA saw a rise of approximately 8%.

Bybit’s integration of Ethena’s stablecoin USDe has resulted in a positive impact on altcoin prices, highlighting the growing importance of stablecoin in the crypto market.

Bybit Integrates Ethena’s Stablecoin USDe

On May 7, Bybit announced its decision to integrate the stablecoin USDe, backed by Ethena (ENA), into its platform. The exchange has integrated USDe as a collateral asset for futures trading, and additionally listed spot Bitcoin and Ethereum trading pairs. This move is seen as a significant step towards bridging the gap between centralized finance (CeFi) and decentralized finance (DeFi).

ENA Price Sees a Rise Post Integration

Following this major integration, the price of ENA saw a rise of approximately 8%. According to CoinGecko data, the price of ENA climbed from $0.91 to $0.98, exhibiting a 8.2% increase in the wake of the news. Joshua Lim, the founding partner of cryptocurrency company Arbelos, told CoinDesk Global that Bybit’s move to accept USDe as a collateral asset has made Ethena a more significant bridge between CeFi and DeFi.

Implications of the Integration

The integration of USDe into Bybit’s platform is a significant development in the crypto market. It not only provides traders with more options for collateral assets but also strengthens the bridge between CeFi and DeFi. This move could potentially lead to increased adoption of stablecoins and further growth in the crypto market.

Conclusion

The integration of Ethena’s stablecoin USDe into Bybit’s platform has had a positive impact on the price of ENA. This development highlights the growing importance of stablecoins in the crypto market and their potential to bridge the gap between CeFi and DeFi. As more exchanges follow suit, the adoption and growth of stablecoins are likely to continue.

BREAKING NEWS

$ENSO soon on Bybit spot

$ENSO soon on Bybit spot #ENSO

NEAR Protocol Launches House of Stake on Mainnet — Stake NEAR to Boost Voting Power and Rewards

COINOTAG reported on October 13 that NEAR Protocol has...

Amundi (€2.3T) Enters Cryptocurrency ETF Market with Bitcoin ETF — Europe’s Leading Asset Manager Steps In

COINOTAG reported on 13 October that, according to market...

LEADING EUROPEAN ASSET MANAGER AMUNDI WITH €2.3T AUM TO ENTER CRYPTO ETF MARKET: THE BIG WHALE

LEADING EUROPEAN ASSET MANAGER AMUNDI WITH €2.3T AUM TO...

CME Group Launches SOL and XRP Options (Standard & Micro) with Daily, Monthly & Quarterly Expiries — Oct 13

On October 13, CME Group officially launched trading of...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img