Ondo Finance Stakes $89 Million in ONDO on Coinbase: What's Next?
CryptoNewsTerminal Staff05 Jun, 2024
Ondo Finance Stakes $89 Million in ONDO on Coinbase: What's Next?
Ondo Finance, a decentralized autonomous organization (DAO) focused on stablecoin lending, has deposited 62.3 million ONDO tokens (worth $89 million) to Coinbase. This move has raised questions about the company's long-term plans and the potential impact on the ONDO token price. According to a report by blockchain analytics firm ScopeScan, the transaction occurred on January 21st. The tokens were transferred from Ondo Finance's treasury wallet to a Coinbase wallet. The deposit has not led to any significant price fluctuations as of yet. However, some analysts believe that it could be a sign of growing institutional interest in ONDO, which is one of the most actively traded stablecoins on the market. Only time will tell what Ondo Finance's ultimate plans are for its Coinbase stake. However, the move is sure to be closely watched by investors and analysts alike.
