Ethena Pay: Building the Next Billion-Dollar Neobank
Lito Coen, go-to-market lead at Ethena, on his path from PayPal to crypto, the Indexed Finance hack and how he is taking Ethena Pay to market.
Watch episodeFrontier GTM / AI Agents
Hosted by Julian Stafford (author page)
Inside the conversation
KeeperHub focuses on the last mile for AI agents: actually executing a transaction onchain. Simon, the founder, told Julian Stafford that he has been a system administrator for about 20 years and worked on the DevOps team at MakerDAO, now Sky, where he helped keep protocols running. Smart contracts cannot execute themselves, so someone has to monitor them and pay gas. Teams built small automations called keepers for that, and KeeperHub grew out of the idea. About a year before the interview the team was still writing code by hand. When coding agents arrived, Simon said they repositioned around helping people move value safely using agents.
The problem is that agents are good at reasoning and poor at execution. Gas can spike, transactions can fail or get stuck, RPC endpoints go down, and people get sandwiched by MEV. If an agent reinterprets the request each time, it may also get the request wrong. KeeperHub takes the work out of the agent's hands. The agent creates a workflow, a human reviews it, and it can be dry run before it executes at the chosen time. The platform manages nonces, routes transactions privately and gives each organization a non-custodial wallet through Turnkey. Simon was clear that KeeperHub does not audit smart contracts, though it can warn when funds go to an address the user has not used before.
Users can start in the browser, but the main entry point is an MCP endpoint added to an agent such as Claude or Codex. They then ask in plain language to transfer ETH, monitor a position on Sky or Aave, or restake stablecoins. The browser UI stores the workflows and every run, so errors can be traced. Plugins exist for agent frameworks including Hermes agent and OpenClaw. Simon described the platform as sitting between payment initiation and the transaction landing onchain, next to standards such as MCP, ERC-8004 and the x402 and MPP payment rails. It has 20 plus protocol integrations and supports about 20 networks, including EVM chains and Solana.
Growth comes from the open-source community. The code is on GitHub, developers join the Discord, and contributors submit pull requests to add protocols they want supported. KeeperHub has run hackathons for builders. The first drew 350 submissions, and Simon said a second was wrapping up with around 500. The free tier is generous and pricing is per workflow execution. Simon said identity, security and sandboxing, and verification of an agent's work are still unsolved, and he believes agentic commerce will eventually be the default way people shop and pay with stablecoins.
“There's never been a better time to build and get your hands dirty.”
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Lito Coen, go-to-market lead at Ethena, on his path from PayPal to crypto, the Indexed Finance hack and how he is taking Ethena Pay to market.
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