Crypto market maker GSR is making a full-fledged push into the on-chain lending business. The company announced on the 7th (local time) that it has partnered with liquidity platform Turtle to launch an on-chain vault business called “Hare,” committing $100 million (approximately 130 billion won) in funding.

Hare is a business that creates and manages on-chain vaults using smart contracts. When investors deposit assets into a vault, managers allocate that capital across lending markets and various yield-generating strategies. It effectively converts idle assets sitting in wallets into collateral or income sources.

GSR’s funding will be deployed over several years, with the majority provided in the form of credit facilities. Until…