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 partnership 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 whitelist investment products.

The two companies have selected Copper, Fireblocks, Komainu and Zodia to provide hosting services, and invited major DeFi protocols Aave, Ethereal, Maple Finance, Morpho and Pendle as launch partners. The protocol can be accessed without permission and will run in parallel with Converge's "permissioned application set" products. Converge is expected to launch sometime in the second quarter of 2025. The network will be protected by validators who stake Ethena's ENA tokens.