Crypto trading giant GSR's new vault business is a $100M bet on onchain credit
In this news:
Key takeaways
- Crypto trading firm GSR is backing a new $100 million onchain credit vault business called Hare.
- Hare is launching with two initial products powered by the Aave lending protocol for stablecoins and tokenized gold.
- Other institutional firms like Two Prime and Galaxy Digital are also expanding into onchain lending vaults.
“GSR's commitment is deployment capital,” Hare CEO Connor Milner told CoinDesk in a statement. “Issuers get liquidity from day one, and allocators see GSR's own capital in the same vaults as theirs.”
Hare will start with two products powered by lending protocol Aave. Hare USD Earn will accept major dollar stablecoins in a single vault, while Hare Gold Earn will let holders of Paxos' tokenized gold products PAXG and PAXGy earn yield. Paxos Labs is partnering on the gold product.
The model is already drawing more institutional firms. Crypto lender Two Prime recently introduced a bitcoin lending vault built on Pareto with $10 million of backing. Galaxy Digital, meanwhile, rolled out Galaxy Curator, a Morpho-based vault platform that gives Fireblocks' 2,400 institutional clients access to onchain yield strategies.
Hare said it will focus on the credit side of that equation, assessing collateral, counterparties and how positions might behave when markets come under stress.
Milner previously served as senior director at London-based DeFi hedge fund Re7 Capital.
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