PANews reported on March 18 that according to The Block, tokenization company Ethena Labs plans to migrate its $6 billion DeFi ecosystem to Converge, a new Ethereum-compatible blockchain built in collaboration with Securitize. According to Monday's announcement, Converge is built on the Ethereum Virtual Machine and aims to make DeFi more accessible to institutions by providing compliant settlement and custody services. The public network will integrate native KYC (Know Your Customer) functionality and provide access to Ethena and Securitize's whitelisted investment products.

The two companies have selected Copper, Fireblocks, Komainu and Zodia to provide custody services, and have invited leading DeFi protocols Aave, Ethereal, Maple Finance, Morpho and Pendle as launch partners. The protocol will be permissionless and will run in parallel with Converge's "permissioned app suite" product. Converge is expected to launch at some point in the second quarter of 2025. The network will be protected by validators who stake the ENA token.