Veda CEO Sun Raghupathi highlights growth from Kraken partnership as deposits top $600M

Veda, the onchain vault infrastructure startup founded in early 2024, has crossed $600 million in deposits through its partnership with Kraken’s DeFi Earn product. That figure is up roughly $100 million since June, when the collaboration had already hit $400 million across 65,000 users. CEO Sun Raghupathi pointed to surging appetite for non-custodial yield products as the driving force behind the ramp.

The user count has also climbed past 80,000, a meaningful jump from the 65,000 reported just two months earlier.

From stablecoins to Bitcoin: how the vaults grew

The Kraken-Veda partnership initially launched with stablecoin-focused vaults. The vaults run on Veda’s BoringVault framework, which operates non-custodially on Ethereum and Ink. The architecture lets strategies be adjusted without requiring users to move their funds.

The real inflection point came in May 2026, when the partnership expanded to include a Bitcoin Earn vault. That single product surpassed $100 million in deposits shortly after going live.

Veda’s role is that of a white-label engine under the hood of Kraken’s product. Users interact with Kraken’s interface while Veda handles the onchain plumbing, routing capital across multiple DeFi protocols to generate competitive returns.

Veda’s broader footprint

The Kraken integration is Veda’s highest-profile enterprise deal, but it’s far from the company’s only source of volume. Across all of its vault products, Veda reports $16 billion in lifetime deposits and more than 270,000 total depositors. Its current onchain total value locked sits at approximately $1.35 billion.

The company raised $18 million in 2025. Co-founded by Raghupathi alongside Joe Terrigno and Stephanie Vaughan, Veda has positioned itself not as a consumer-facing DeFi app but as the middleware layer that lets bigger platforms offer yield products without building the entire stack themselves.

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