Veda Raises $18M to Expand DeFi Vault Infrastructure Powering Over $3.7B in Assets
Veda, a decentralized finance (DeFi) infrastructure firm, has secured $18 million in a funding round spearheaded by CoinFund. This investment will fuel the expansion of Veda’s platform, designed to simplify access to crypto yield products for both applications and institutions. The core offering is a modular vault framework, empowering developers to construct smart contracts for managing yield strategies without burdening users with the intricacies of DeFi.
This innovative framework, based on Veda’s BoringVault standard, supports a diverse range of applications. These include the restaking of tokens, management of yield-bearing stablecoins, and the facilitation of on-chain savings accounts. Since its launch in March 2024, Veda’s platform has processed deposits from over 100,000 users across a rapidly expanding network of DeFi protocols and fintech platforms. This network includes prominent players such as ether.fi (with its eBTC and weETHs products), Plasma’s Vault, and pre-deposit campaigns for Berachain and TAC. Furthermore, major wallets like Binance Wallet and Bybit Web3 are actively integrating Veda’s infrastructure.
The platform’s success is evident in its impressive performance: Veda currently manages over $3.7 billion in total value locked (TVL). Future plans include a strategic partnership with a top-five centralized crypto exchange, further solidifying Veda’s position in the DeFi ecosystem.
The funding round attracted participation from a notable group of investors, including Coinbase Ventures, Animoca Ventures, GSR, Mantle EcoFund, BitGo, and Draper Dragon, underscoring the significant market potential and the confidence investors have in Veda’s technology and future prospects. This substantial investment will enable Veda to continue its rapid growth and further its mission of making complex DeFi yield strategies accessible to a wider audience. The BoringVault standard, with its focus on simplicity and security, positions Veda as a key player in the evolving landscape of decentralized finance.
