Maple Finance awards loans of USD 1 billion in 10 months

Maple Finance awards loans of USD 1 billion in 10 months

The crypto loan Maple Finance has exceeded loans of $ 1 billion in a relatively short time and is now trying to bring crypto-mining credit with traditional asset managers who are willing to take extensive loans.

The company offers underproof credit frastructure for institutional lenders and corporate creditors.

Maple was founded in May 2021 and reached the 1 billion dollar brand within 10 months after its biggest loan-$ 77.5 million-had awarded the quantitative trading company for digital assets, Alameda Research.

"We look forward to the growth of the platform last year and look forward to continuing to award new loans with the Maple team," said an Alameda spokesman Blockworks in an email.

Sam Bankman-Fried, the CEO of the crypto exchange FTX, founded Alameda in 2017 in the endeavor to provide the markets for digital assets to provide liquidity about market-making.

ahorn aggregated loans on behalf of large borrowers. Instead of negotiating business and maintaining contact with a dozen potential lenders, one unit evaluates the risk of the borrower and manages a secure wealth pool.

sid Powell, CEO from Maple, told Blockworks that the company's pools are an “evergreen source of capital”.

"Alameda does not have to find these parties - the delegate does that," said Powell. "And Alameda does not have to manage individual relationships; you only have to have one contact person."

Institutions that want to achieve return through lending, often do not know where to start, he added and said that many lack the crypto-native know-how to negotiate an annual percentage return (APY), or there is no range to obtain opponents.

The future of lending?

Maple "is the rail on which the future of the future will run," said Powell, because the startup offers a comparatively inexpensive way to get involved in the growing area of ​​blockchain-based fixed-income products.

According to Powell, a powerful underwriter or risk-perviser can use his specialist knowledge and relationships with a company such as JPMorgan or Goldman Sachs to operate a Maple pool.

"You don't have to go out and raise $ 200 million by speaking with 20 different institutions or family offices," he said. "You can build the next Genesis, Celsius or Pimco yourself."

The crypto loan Celsius recently was the first centralized financial institution to provide his services on Maple. Celsius passed for the first time last month to output and manage underproof loans from a $ 30 million pool from Wrapped Ether (Weth).

a future focus on miner

MAPLE FINANCE is striving for loans of $ 5 billion by the end of this year.

About $ 3 billion should come from Maple's existing business, while $ 1 billion comes out of the Maple Solana offer, which is to be launched at the end of the month.

In January, Maple announced his offer to acquire the Defi credit protocol Avari in order to speed up the start of the platform on the Solana blockchain. Daniel Kim, Head of Capital Markets at Maple, said at the time that Solana "sparked the interest of the largest capital market participants in a unique way".

The remaining forecast loans of $ 1 billion are expected to come from institutions that grant loans to Miner. Traditional asset managers and banks-even if they hesitate to invest directly in crypto-show an increasing interest in acting as a counterparty for such loans, Powell said and added that there was a special appetite for US miners that tap renewable energies.

Maple is striving for a loan pool for miners until the end of the second quarter, which initially amounts to $ 100 million or $ 200 million

"Since it is the oldest crypto industry, it is the one with which most people are familiar with and one for which we see some of the greatest appetites," said Powell.

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The contribution Maple Finance awards loans of USD 1 billion in 10 months.