Ethena Jumps 7% Following Launch of Avalanche-Powered Neobank

Ethena has launched Ethena Pay, a self-custodial neobank built on the Avalanche network, offering multi-currency accounts and global transfers. The announcement helped drive a 7% gain for the ENA token amid broader market movements.

Ethena has expanded its ecosystem with the official launch of Ethena Pay, a self-custodial mobile application designed to combine dollar savings, global transfers, and card payment functionalities. Following the rollout, Ethena experienced a notable 7% price increase on Tuesday. The newly introduced platform provides a competitive dollar savings rate of up to 6% with daily reward distributions, alongside cashback incentives of up to 5% on eligible card purchases, which are paid out in AVAX.

Global Transfers and Multi-Currency Infrastructure
The application enables cross-border money transfers, multi-currency savings accounts, and fiat onramps that support major global currencies including USD, GBP, and EUR alongside local alternatives. Through strategic banking partners, the app incorporates fiat IBAN integration alongside self-custodial stablecoin wallets. Avalanche operates as the exclusive settlement layer for the entire payment infrastructure, ensuring smooth transaction processing, transfers, and settlement operations within the mobile platform.

Innovative Features and Security Protocols
Ethena has also rolled out a feature known as Buy Now Pay Never, utilizing savings rewards to help users manage daily expenses, though its exact operation depends heavily on user jurisdiction and account tiers. Structured as a non-custodial service, Ethena Pay ensures that individuals retain direct control over their digital assets rather than depositing them with a centralized entity. Wallet access is protected via passkeys and biometric authentication, allowing users to withdraw funds to external wallets or move capital through supported banking channels.

Phased Rollout and Foundation Updates
Initial access to Ethena Pay is currently restricted to 400 early-access users across supported regions, with plans for weekly expansions throughout September. The service is live for iOS users across 48 countries, subject to local regulatory frameworks, while those in unsupported regions can join a waitlist. Separately, the Ethena Foundation repurchased locked ENA tokens from select seed investors and accelerated the remaining token unlock schedule while proposing new supply-based revenue buyback milestones.

Broader Cryptocurrency Market Performance
At the time of writing, ENA traded at $0.161, reflecting a 6.7% increase over 24 hours and extending a 30-day gain of 83.7% driven by broader sector momentum. Meanwhile, other assets experience varying conditions as Bitcoin holds above $78,000 support amid returning ETF inflows, Ethereum consolidates near $2,450, and XRP faces downward pressure near its 200-day EMA. Concurrently, Solana-based meme coin Bonk has recorded a 7% daily price increase to recover previous weekly corrections.

What this means for you
The introduction of Ethena Pay introduces new decentralized finance and self-custodial banking features for eligible mobile users worldwide.

• Across India: Investors tracking global crypto banking innovations can observe how multi-currency settlement layers operate on layer-1 networks like Avalanche.
• Global Markets: iOS users in 48 supported jurisdictions gain access to dollar savings rates of up to 6% and cashback rewards paid in AVAX.
• Token Holders: ENA investors may experience shifts in tokenomics and liquidity resulting from the foundation's recent token repurchases and proposed revenue buyback milestones.
• Regulatory Awareness: Users must verify local jurisdictional availability, as certain features like the Spend Card and specific payment tiers are restricted in regions such as the United States.

Questions & Answers

1. What is Ethena Pay?
Ethena Pay is a self-custodial mobile application combining dollar savings, global transfers, and card payments.

2. Which blockchain powers Ethena Pay?
Avalanche serves as the exclusive settlement layer for the Ethena Pay payment infrastructure.

3. What savings rate does the platform offer?
The platform offers a dollar savings rate of up to 6% with rewards paid daily.

4. How are cashback rewards distributed?
Cashback rewards of up to 5% on eligible card spending are paid in AVAX.

5. Who can access Ethena Pay currently?
Access is currently limited to iOS users across 48 supported countries with a phased rollout plan.

6. How much did the ENA token jump following the news?
The ENA token jumped 7% following the announcement, trading at $0.161 at the time of reporting.

https://trendkia.com/en/crypto/avalanche-adharita-neobainka-ki-shuruata-se-ethena-men-ai-sata-phisadi-ki-teji-26032
TrendKia — Har trend, sabse pehle.