Veda Secures $18 Million to Enhance DeFi Vault Technology Managing Over $3.7 Billion
Business/Finance

Veda Secures $18 Million to Enhance DeFi Vault Technology Managing Over $3.7 Billion

Veda raises significant funding led by CoinFund to advance its platform for simplified cryptocurrency yield products for apps and institutions.

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Summary

Veda, a firm focused on decentralized finance (DeFi), has announced that it secured $18 million in a funding round spearheaded by CoinFund. The financing aims to bolster its platform, designed to assist applications and institutions in offering simplified cryptocurrency yield products.

Key Information

  • Veda’s flagship product is a modular vault framework that enables developers to create smart contracts for yield management without burdening users with DeFi complexities.
  • The company claims to have managed deposits from over 100,000 users and controls an impressive total value of over $3.7 billion locked in its vaults since its launch.

Infrastructure Applications

These vaults support various applications, including restaking tokens, yield-bearing stablecoins, and on-chain savings accounts. Veda has established collaborations with a variety of DeFi protocols and fintech entities, such as ether.fi and Binance Wallet, affirming its growing network.

Future Plans

With ambitions to partner with one of the top centralized cryptocurrency exchanges, Veda is poised for further growth in the DeFi sector.

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