The decentralized finance (DeFi) protocol Veda has raised $18 million to accelerate the adoption of its vault platform, which enables asset issuers to build cross-chain yield products, including yield-bearing stablecoins.
This round of financing was led by the venture capital firm CoinFund, with participation from Coinbase Ventures, Animoca Ventures, BitGo, Mantle EcoFund, GSR, Relayer Capital, PEER VC, Draper Dragon, Credit Neutral, Neartcore, and Maelstrom, the company disclosed on Monday.
Veda's angel investors include Anchorage, Ether.Fi, and the co-founders of Polygon.
Launched in 2024, Veda is a protocol for tokenizing various DeFi applications, including liquid staking tokens, yield-bearing savings accounts, and stablecoins. It supports some of the largest vaults in the crypto space, powering platforms such as Ether.fi's Liquid, Mantle's cmETH, and Lombard DeFi Vault.
According to industry data, the total monetary value of assets locked in Veda has exceeded $3.3 billion.
Despite challenges, Veda has identified a growing demand for yield generation on Bitcoin (BTC).
Veda's co-founder and CEO Sun Raghupathi told Cointelegraph, "The demand for reliable Bitcoin yield is high, but even obtaining a few percentage points of yield is often complex and time-consuming."
Veda addresses this challenge through a partnership with Lombard, the developer of liquid-staked Bitcoin on Babylon.
CoinFund's investment in Veda reflects its growing belief that the adoption of stablecoins is accelerating and will bring more wealth on-chain.
David Pakman, managing partner and head of venture capital at CoinFund, told Cointelegraph, "The natural next step for on-chain wealth is to earn yield and make your assets (fiat or digital) productive."
When asked about the rise of yield-bearing stablecoins (which reportedly has traditional banking lobbyists feeling uneasy), Pakman called it "inevitable," adding that they are "a more convenient low-risk way to earn yield than traditional bank savings and money market accounts."
He also stated, "I do agree that once we have more yield-bearing stablecoins, traditional bank savings accounts will face a threat and need to evolve."
Circle CEO Jeremy Allaire recently stated that widespread adoption of stablecoins is imminent, predicting that these assets will soon experience their "iPhone moment."
Related: Circle stock becomes the largest component of the VanEck Digital Assets Index
Original article: “CoinFund-backed DeFi protocol Veda raises $18M to accelerate adoption of yield-bearing stablecoin products”
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