Securitize and Ethena launch DeFi blockchain for institutions

Securitize and Ethena Labs have launched a new blockchain called Converge, which is compatible with Ethereum. This blockchain aims to integrate decentralized finance (DeFi) with tokenized real-world assets for institutional investors. Ethena will move its $6 billion DeFi ecosystem to Converge, while Securitize will transfer its tokenized assets, including the Apollo credit fund token. The blockchain will support various partners and custodial services, enhancing the use of traditional assets in DeFi. Converge will allow Ethereum-based smart contracts and applications to operate without changes. It features a KYC wrapper for regulated assets, aiming to bridge traditional finance and DeFi while maintaining compliance.