Crypto trading giant GSR bets $100 million on new onchain vault business

onchain vault business — Crypto trading and market-making firm GSR is committing $100 million to launch a new business dedicated to onchain credit vaults, a major institutional bet on a growing part of the crypto finance landscape.

The new entity, called Hare, is being developed in collaboration with liquidity distribution platform Turtle. Hare will specialize in creating and managing onchain vaults, which are structured pools of digital assets deployed into various yield-generating strategies. GSR is providing most of the $100 million commitment via a credit facility.

In its initial phase, Hare will offer vaults powered by the decentralized lending protocol Aave, allowing institutional investors to earn yield on major dollar stablecoins and on PAX Gold (PAXG), a tokenized gold product from Paxos. GSR will serve as the anchor liquidity provider for these vaults.

The launch of Hare reflects a significant push by traditional finance players into onchain structures. It signals growing institutional demand for automated, transparent ways to deploy digital and tokenized assets across lending markets and other DeFi strategies, moving more financial activity onto blockchain rails.