The decentralized finance (DeFi) company Veda has announced an $18 million funding round to further develop its infrastructure. The funding will enable Veda to embed its solutions into a broader range of financial applications.
Funding Announcement
On June 23, Veda announced its $18 million funding round, led by CoinFund, with participation from Coinbase Ventures, Animoca Ventures, GSR, and other major financial players. Veda's leading director commented:
"We’re extremely excited to announce that we’ve raised $18M to become the DeFi engine for financial apps."
This investment will enable the company to expand its activities beyond the crypto ecosystem.
Significance of Veda's Technology
Veda's infrastructure includes a modular vault system that simplifies yield generation strategies. Since its early 2024 launch, it has attracted over 100,000 users and integrated with multiple protocols. Veda allows financial apps to present users with a familiar interface while hiding the complexities associated with DeFi. The founder noted that their technology standardizes yield-bearing activities into modular smart contracts that can be easily integrated with various applications.
DeFi Prospects for Traditional Finance
Veda aims to make DeFi more accessible to the general public. Its embedded vault system has the potential to change how DeFi is used in traditional financial applications. The modularity and interoperability of the vaults are akin to how AWS has become the backbone for web applications. This simplifies life for developers and allows end-users to earn yields through interfaces they already trust.
With its new funding, Veda is targeting further integration of its solutions into the financial sector, aiding in the seamless incorporation of DeFi into everyday financial operations, which could significantly simplify user interactions with new technologies.
