Crypto angel investment platform Echo’s first transaction has closed, raising $300,000 for Ethena.

Echo, a new platform that aims to give aspiring angel investors access to the same deals as larger, more established venture capitalists, is currently operating in invite-only beta mode.

However, it took just three hours for an Echo user to close his first transaction, a $300,000 investment in the “synthetic dollar” protocol Ethena. Moreover, while the recent private sale reportedly valued Ethena at $600 million at fully diluted value (FDV), deal participants could purchase at Ethena’s previous valuation of $300 million, minus the 5% carry fee for the Echo platform. There was.

The deal was proposed by cryptocurrency trader Ser Shokunin, who confirmed the details to The Block, along with BitMEX co-founder Arthur Hayes, his family company Maelstrom and VC firm Dragonfly. As the first transaction on the platform, the collective will not incur additional management or carrying fees, but future Echo transactions will likely experiment with different fee structures.

The offering was open to approximately 580 investors in the Shokunin Group. Echo users can create invite-only groups and limit transaction access to specific members. There are about 20 groups on the platform so far.

The closing comes just days ahead of Ethena’s recently planned airdrop of 750 million ENA tokens, representing 5% of the total token supply. The airdrop is scheduled to begin on April 2nd, reflecting user activity through April 1st.

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