Mapleleading multi-chain institutional crypto-capital network, hosts Genesis (“Genesis”), one of the largest CeFi digital asset lenders, as a pool delegate on Maple Solana. This comes just a month after Maple moved multiple channels and expanded its sub-collateralized lending platform to Solana in partnership with Circle and X-Margin. Through its GGC International Limited entity, Genesis will issue capital from its balance sheet to profitable and established crypto-native firms Wintermute and Amber. The deal will bring loans issued on Maple to more than $1.5 billion, just one year after its launch in May 2021.
“Maple Solana enables Genesis to combine aspects of traditional finance and DeFi,” said Matt Ballensweig, Managing Director, Co-Head of Commerce and Lending. “We are creating financing options for companies that need capital to trade, with the infrastructure required in traditional finance and the efficiency offered by DeFi. Maple has created a frictionless way to settle loans to these companies. »
Genesis is the first CeFi organization on Maple Solana to join as a pool delegate. As pool delegate, GGC International Limited will be the sole provider of capital, contributing $75 million from its own balance sheet, making it the largest starting pool size recorded on Maple.
Wintermute Trading and Amber Group, crypto-marketplace makers and existing borrowers from Maple pools take out loans of $50 million and $25 million respectively at launch.
“We are thrilled to be one of the first to borrow from the Genesis Pool on Maple Solana,” said Evgeny Gaevoy, Founder and CEO of Wintermute. “As a leading market maker, we strive to provide our clients with liquidity and quick access to capital, which Maple will allow us to do. »
“Genesis’ joining Maple Solana is an important step as industry leaders continue to recognize our best-in-class compliance procedures and credit issuance technology,” said Sid Powell, CEO and co-founder of Maple. “On Maple, credit experts like Genesis lend to well-established businesses in the crypto ecosystem and enable more efficient loan executions that improve their bottom line. We expect most of the big CeFi crypto players to use Maple’s infrastructure to enhance their on-chain lending businesses over the next year.
The “Shopify-of-DeFi” has grown rapidly offering its platform as a service to a range of lending companies including Celsius and X-Margin. Maple’s model is structured so that any credit expert can manage lending activity on its platform, while implementing the best aspects of finance to enable frictionless, efficient under-collateralized lending. and available around the clock through the use of smart contracts.
“As we celebrate Maple’s first anniversary, we can feel the momentum, but it’s important to remember that we’re just getting started. Maple is taking a long-term view by building a composable and robust infrastructure to meet the needs of DeFi financial markets for years to come,” said Maple co-founder Joe Flanagan. “We are creating more extensive reporting, accounting and compliance procedures similar to those of leading financial services companies in the industry. With these fundamental blocks in place, we make it an easy choice for regulated parties to join our network. »
In addition to exceeding $1.5 billion in loans issued on its platform and $1 billion in TVL since its launch in May 2021, the platform celebrates several achievements on its first anniversary:
- In May, Maple refreshed its brand design and launched a new website befitting its position as a leading provider of institutional financial market infrastructure.
- Launched on Solana in April 2022 following the acquisition of Avari in January 2022, an unlaunched protocol founded by Stanford graduates Quinn Barry and Jeffrey Hu. With the launch, Maple became the first sub-collateralized loan protocol on the Solana blockchainas well as the first corporate-focused institutional protocol in space.
- In March 2022, Maple announced a $77.77 million loan to Alameda Research, issued with 0% collateral. This was Maple’s largest loan to date from the first syndicated loan pool in DeFi history.
- In February 2022, Celsius joined Maple as a delegate of the pool, with Alex Mashinsky noting that “companies share a mutual mission to serve markets that traditional institutions are not.”
Maple is an institutional crypto-capital network that puts the trillion-dollar capital markets on-chain. . Built with traditional financial institutions and leaders in decentralized finance, Maple is transforming capital markets by combining industry standard compliance and due diligence with frictionless lending enabled by smart contracts and blockchain technology. Maple is the gateway to growth for financial institutions, pool delegates and companies seeking on-chain capital. For more information, visit maple.finance.
Genesis is a premier, full-service digital currency brokerage providing a single point of access to select qualified individuals and global institutional investors. Genesis combines unparalleled operational excellence, seamless user experience, and best-in-class customer service to provide the full suite of services global investors need to manage their digital asset portfolios.