Kraken’s DeFi Earn product has passed 200 million dollars in
deposits amid a rising demand for onchain yield that users can access from a
regular exchange app. The program lets customers earn dollar-denominated
returns on their balances without moving funds to external wallets or
navigating DeFi protocols directly.
Singapore Summit: Meet the largest APAC brokers you know (and those you still don’t!).
According to Veda, Kraken DeFi Earn runs on three vaults
provided by Veda. More than 40,000 users now use these vaults through the
Kraken app to earn yield on cash and stablecoins. The product converts deposits
into USDC and allocates them into onchain strategies, while users only see a
simple earn interface inside Kraken.
Veda’s technology allows the vaults to connect to multiple
DeFi protocols and blockchains. This structure aims to unlock higher yields
than a single protocol can offer. It also helps Kraken adjust strategies over
time without changing how the product looks or works for users.
In earlier DeFi cycles many products relied on rewards or
airdrops to attract deposits. Kraken instead leans on its existing user base
and an integrated experience. Users can opt into onchain yield from the same
app they already use for trading and custody.
Veda (also known as Veda Labs or Veda Tech) is the DeFi
vault infrastructure provider that powers Kraken’s DeFi Earn product. They
supply the underlying technology that manages deposits, strategy execution, and
cross-chain operations for all three Kraken DeFi Earn vaults.
It provides multichain, multiprotocol vault infrastructure
that enables Kraken to offer DeFi yields without requiring users to interact
with blockchain wallets or manage complex DeFi protocols directly.
Read more: Kraken Confirms IPO Filing, but Valuation Dropped 33% in Latest $200M Funding
Kraken has been rolling out and refining DeFi Earn in the
US, Canada and Europe, offering onchain yields through integrated vaults while
keeping the user experience inside the familiar Kraken app, and pairing that
with new security education around scams and safe usage.
Enabling Curated DeFi Strategies
The technology allows Kraken’s vaults to operate on the Ink
blockchain (Kraken’s Ethereum L2) while simultaneously sourcing yield from
protocols on both Ink and Ethereum. Veda’s vaults are programmable and
flexible, meaning they can support any blockchain, deposit asset, or DeFi
protocol.
This allows vault curators (Chaos Labs and Sentora) to
allocate deposits across multiple trusted protocols with precision to generate
passive income for Kraken users. According to Sun Raghupathi, Veda Co-Founder,
the partnership enables Kraken to deliver “a seamless experience”
while tapping into onchain markets that offer higher variable APYs compared to
traditional earning options.
Most recently, Kraken has been in the news for its IPO push,
gaining direct Federal Reserve payments access as a crypto bank, and continuing
to market and expand the DeFi Earn product that your Veda story plugs into.
The
IPO filing and Fed master account have sparked fresh scrutiny of how deeply a
crypto-native institution should be integrated into core U.S. financial
plumbing, but they also strengthen Kraken’s pitch as a regulated, bank-like
venue rather than a pure-play exchange.
Kraken’s DeFi Earn product has passed 200 million dollars in
deposits amid a rising demand for onchain yield that users can access from a
regular exchange app. The program lets customers earn dollar-denominated
returns on their balances without moving funds to external wallets or
navigating DeFi protocols directly.
Singapore Summit: Meet the largest APAC brokers you know (and those you still don’t!).
According to Veda, Kraken DeFi Earn runs on three vaults
provided by Veda. More than 40,000 users now use these vaults through the
Kraken app to earn yield on cash and stablecoins. The product converts deposits
into USDC and allocates them into onchain strategies, while users only see a
simple earn interface inside Kraken.
Veda’s technology allows the vaults to connect to multiple
DeFi protocols and blockchains. This structure aims to unlock higher yields
than a single protocol can offer. It also helps Kraken adjust strategies over
time without changing how the product looks or works for users.
In earlier DeFi cycles many products relied on rewards or
airdrops to attract deposits. Kraken instead leans on its existing user base
and an integrated experience. Users can opt into onchain yield from the same
app they already use for trading and custody.
Veda (also known as Veda Labs or Veda Tech) is the DeFi
vault infrastructure provider that powers Kraken’s DeFi Earn product. They
supply the underlying technology that manages deposits, strategy execution, and
cross-chain operations for all three Kraken DeFi Earn vaults.
It provides multichain, multiprotocol vault infrastructure
that enables Kraken to offer DeFi yields without requiring users to interact
with blockchain wallets or manage complex DeFi protocols directly.
Read more: Kraken Confirms IPO Filing, but Valuation Dropped 33% in Latest $200M Funding
Kraken has been rolling out and refining DeFi Earn in the
US, Canada and Europe, offering onchain yields through integrated vaults while
keeping the user experience inside the familiar Kraken app, and pairing that
with new security education around scams and safe usage.
Enabling Curated DeFi Strategies
The technology allows Kraken’s vaults to operate on the Ink
blockchain (Kraken’s Ethereum L2) while simultaneously sourcing yield from
protocols on both Ink and Ethereum. Veda’s vaults are programmable and
flexible, meaning they can support any blockchain, deposit asset, or DeFi
protocol.
This allows vault curators (Chaos Labs and Sentora) to
allocate deposits across multiple trusted protocols with precision to generate
passive income for Kraken users. According to Sun Raghupathi, Veda Co-Founder,
the partnership enables Kraken to deliver “a seamless experience”
while tapping into onchain markets that offer higher variable APYs compared to
traditional earning options.
Most recently, Kraken has been in the news for its IPO push,
gaining direct Federal Reserve payments access as a crypto bank, and continuing
to market and expand the DeFi Earn product that your Veda story plugs into.
The
IPO filing and Fed master account have sparked fresh scrutiny of how deeply a
crypto-native institution should be integrated into core U.S. financial
plumbing, but they also strengthen Kraken’s pitch as a regulated, bank-like
venue rather than a pure-play exchange.
