Securitize and Trump's Partner Altcoin BlackRock Based Ethereum Network Created! - Coin Bulletin

Securitize and Ethena Labs have created a new Ethereum-compatible blockchain network, based on the BUIDL token supported by BlackRock, to bring together traditional finance and DeFi.

While traditional finance giants have rapidly entered the tokenization race recently, Securitize and Ethena Labs have taken a significant step in this field. The two companies, who work closely with BlackRock's money market token BUIDL, have established a new Ethereum-based blockchain platform called Converge. Their aim is to enable traditional financial assets to be easily used in the digital environment and to offer the innovations of DeFi to institutional investors.

Ethena Labs, which has attracted great attention in the market and offers interest-bearing USDe token, has also developed the stable cryptocurrency USDtb backed by BUIDL. The company is now preparing to move approximately 6 billion dollars worth of DeFi ecosystem to the Converge blockchain network. On the other hand, Securitize, which manages transfers of BlackRock's BUIDL token, will transfer many tokenized real-world assets such as the Apollo credit fund to this new chain (RWA).

According to Securitize CEO Carlos Domingo, tokenization is actually about moving traditional financial assets to a different ledger. However, the real innovation comes from integrating DeFi technologies into real-world assets. Domingo said, "If we can combine DeFi innovations with tokenizing real-world assets, this market can really explode."

Converge will not only be compatible with the Ethereum Virtual Machine (EVM), but also support existing Ethereum-based smart contracts, decentralized applications (dApps), and tools without any modifications. The platform's transaction speeds will compete with the best blockchain networks in the market.

(# Strong partnerships and new products came to the agenda

Converge blockchain will collaborate with strong DeFi projects such as Pendle, Avara )Aave Labs' parent company###, Ethereal, Morpho, and Maple Finance.

Ethena Labs' founder Guy Young, highlighting that the Converge chain will create brand new use cases between traditional finance and DeFi, stated, "These tokenized assets can be used as collateral in specially created money markets **or large-scale transactions can be possible in trading assets such as stocks that are not currently on the chain. We see significant opportunities in this special area where traditional finance and DeFi converge."

In the Converge blockchain, Ethena's governance token ENA will contribute to network security by being staked. Additionally, USDe and USDtb tokens will be used as gas tokens for transactions on the network.

On Sunday, emphasizing that Converge is a completely open chain but requires KYC (customer identity verification), it highlighted the need to go beyond simple wallet verification in the process of integrating traditional financial assets into DeFi protocols.

According to CoinGecko data, ENA price is trading at $0.36.