Maple Finance’s $17M Lending Pool Includes Alameda Research Among Borrowers

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In Brief
  • Maple Finance launched a lending pool of $17 million, funded by Blockchain.com and Coinshares.

  • Borrowers lined-up include Alameda Research, Framework Labs, and Wintermute Amber Group

  • Orthogonal Trading will act as the fund’s "pool delegate," responsible for approving loan terms with borrowers.

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Decentralized marketplace for institutional growth capital Maple Finance has launched its inaugural lending pool of $17 million. 

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The fund already has nine firms intending to borrow from the pool, with each loan capped at $2 million. These firms include Alameda Research, Framework Labs, Wintermute Amber Group, as well as Folkvang, Nibbio, Invictus, Symbolic Capital, and FBG. Additionally, initial institutional lenders providing for the liquidity pool include Blockchain.com and Coinshares, among others. 

Sidney Powell, CEO and co-founder of Maple Finance noted that the future of decentralized finance (DeFi) depends on the ability of corporate and institutional borrowers to access capital efficiently. He described this need as one of the driving factors behind the business.

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Maple’s “Pool Delegates”

A pipeline of curated loans scheduled for 2021 worth $40 million is going live later this week. It will be managed by multi-strategy digital asset trading firm Orthogonal Trading, who will act as a “pool delegate.”

A pool delegate will be a trusted party whose responsibility it is to approve loan terms with borrowers. They will also perform due diligence and liquidate collateral in the event of a default, performing a role integral to traditional credit institutions. Amber Group co-founder Tiantian Kullander highlighted that token-enabled credit underwriting is “relatively nascent,” providing a niche borrowers can engage in.

Maple’s funding

Maple Finance raised $1.4 million from a funding round in January. Framework Ventures and Polychain Capital led the funding round, among others. Last month, Maple DAO raised an additional $10 million in USDC through a Liquidity Bootstrapping Pool (LBP) on Balancer. This DAO resulted in Maple governance tokens being distributed to more than 1,000 community members. 

Just recently, credit-based cross-chain DeFi lending platform Wing announced it is now live on the OKExChain. Wing was developed by Ontology and is a public blockchain specializing in decentralized data and identity. With the collaboration, DeFi users are now able to use Wing’s borrowing, insuring, and lending services.

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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