Crypto trading giant GSR's new vault business is a $100M bet on onchain credit
Crypto trading firm GSR has launched 'Hare', a new business focused on managing onchain credit vaults with a $100 million capital commitment. The platform aims to provide institutional-grade yield strategies by deploying capital into lending protocols like Aave.
Why it matters
This move reflects the growing trend of institutional finance integrating with blockchain infrastructure to create new yield-generating products for tokenized assets.
The business, dubbed Hare, is being built alongside liquidity distribution platform Turtle and will create and manage onchain vaults. GSR's multi-year commitment will mostly take the form of a credit facility, with its capital going into Hare's products as anchor liquidity before outside investors arrive.
The move comes as vaults are becoming a key piece of onchain finance. Investors deposit assets into a smart contract, while a manager, or curator, decides how to deploy that capital across lending markets and other strategies. In practice, that can turn assets sitting in a wallet into collateral or a source of yield.
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