Veda Raises $18 Million to Expand DeFi Yield Products

Veda, a decentralized finance (DeFi) infrastructure firm, has successfully raised $18 million in a funding round led by CoinFund. This investment is aimed at expanding Veda's platform, which simplifies the process of offering crypto yield products to apps and institutions across various blockchains.

The company's primary product is a modular vault framework. This framework allows developers to create smart contracts that manage yield strategies without exposing users to the complexities of DeFi. The vaults, built on Veda’s BoringVault standard, support a wide range of applications, including restaking tokens, yield-bearing stablecoins, and on-chain savings accounts.

Since its launch in March 2024, Veda has processed deposits from over 100,000 users. These users are part of a growing network of DeFi protocols and fintech platforms. Notable products that have integrated Veda's infrastructure include ether.fi’s eBTC and weETHs, Plasma’s Vault, and pre-deposit campaigns for Berachain and TAC. Additionally, wallets like Binance Wallet and Bybit Web3 are also integrating Veda's technology.

Veda currently oversees over $3.7 billion in total value locked. The company plans to partner with a top-five centralized crypto exchange in the near future. The funding round also saw participation from other notable investors, including Coinbase Ventures, Animoca Ventures, GSR, Mantle EcoFund, BitGo, and Draper Dragon.

This investment underscores the growing demand for simplified DeFi yield products. By enabling apps and institutions to offer these products without the need for deep technical expertise, Veda is positioning itself as a key player in the DeFi ecosystem. The company's modular vault framework and its ability to process deposits from a large user base demonstrate its potential to drive further adoption of DeFi technologies.