Veda Raises $18M to Expand Crosschain Yield Vault Platform in DeFi
Decentralized finance protocol Veda has secured $18 million to enhance its vault platform, facilitating the creation of crosschain yield products, including yield-bearing stablecoins. The funding round was led by CoinFund, with participation from various investors, including Coinbase Ventures and Animoca Ventures. Veda, launched in 2024, specializes in tokenizing diverse DeFi applications and currently has over $3.3 billion in assets locked. The protocol aims to meet the rising demand for Bitcoin yield generation through a partnership with Lombard, addressing the complexities involved. CoinFund's investment reflects a belief in the accelerating adoption of stablecoins, which are seen as a more convenient alternative to traditional banking for earning yield. Circle CEO Jeremy Allaire anticipates that stablecoin adoption is nearing a pivotal moment, with USDC and Tether's USDt leading the market.
