Crypto market maker GSR invests $100 million to launch on-chain treasury business Hare, focusing on on-chain credit
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PANews October 7 news, according to CoinDesk, crypto trading and market maker GSR will invest $100 million to develop a new on-chain credit business, Hare. The business is jointly built by GSR and liquidity distribution platform Turtle, and is primarily responsible for creating and managing on-chain Vaults. GSR's multi-year investment will mainly be provided in the form of credit lines and will serve as anchor liquidity for Hare products, deploying its own capital first before external investors enter.
Hare will initially launch two Aave-based products: Hare USD Earn allows users to deposit major USD stablecoins into the same Vault to earn yield; Hare Gold Earn provides yield products for holders of Paxos' tokenized gold PAXG and PAXGy, with Paxos Labs participating in the collaboration. In the future, Hare will focus on evaluating collateral, counterparties, and position risk under market stress conditions.
