Crypto trading giant GSR's new vault business is a $100M bet on onchain credit
GSR is committing up to $100 million to Hare, a new onchain vault business built with Turtle. The first products are set to use Aave and focus on stablecoins and tokenized gold, with outside investors expected to take part in the vaults.
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What it means
Users and institutions that follow onchain finance will notice a new vault product line backed by GSR’s $100 million commitment. The immediate practical change is that stablecoin and tokenized-gold vaults are being introduced with outside investors expected to take part, which puts a new structure in front of people who already use or monitor these markets.
Before this move, the vault business did not exist in its current form; now Hare is being launched with Turtle to create and manage the vaults and with Aave as the first product layer. What stays the same is that the opening dates are still not set, so the launch structure is visible even though the timing is not.
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