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Maple Finance starts on Solana with $45 million

 


Maple Solana plans to grow its fund pool to $300 million by the end of 2022 and offer up to $1 billion in unsecured loans.


Maple Finance, a decentralized corporate debt marketplace for institutional borrowers, has expanded its access to Solana to enable financing of projects built on the blockchain of smart contracts.


The marketplace, also available on Ethereum, is the first multi-chain capital platform. It is also a pioneering institutional-grade unsecured lending facility for projects in the Solana ecosystem.


Scaling the Solana ecosystem

According to Maple Solana, the project begins with a $45 million unsecured loan pool. The team will then look to ramp that up over the next eight months to bring it to $300 million by the end of the year.


Quinn Barry, the head of Maple Solana, said the goal is to scale the Solana ecosystem via an on-chain capital markets infrastructure.


“ We expect to inject over $300 million in cash to Solana over the next three months. We will soon welcome another credit expert to the platform and share more details on how liquidity protocols are already using Maple's infrastructure as a launch pad for Solana, " he added.


Sid Powell, CEO and co-founder of Maple Finance commented :


" Building the first multi-chain capital markets solution has and will continue to attract quality lenders and borrowers, create unprecedented growth opportunities for innovators built on Solana, and enable the entire industry to thrive ."


Maple Solana aims to issue $1 billion worth of loans, the crypto capital network, which also offers the service on Ethereum, said in an announcement . There are also plans to launch SYRUP, a governance token that will offer the same functionality as the Ethereum-based MPL token.


X-Margin is the first pool delegate

As part of the Solana ecosystem's milestone in transforming capital markets through technology, Maple Solana has secured the company of data-driven lender X-Margin.


The company will be the first pool delegate as its lending business has attracted huge deposits from three major partners. Financial services and payments technology provider Circle deposited $10 million, while digital asset manager Coinshares added $20 million.


X-Margin also received $10 million from Solana-Natives and is open to deposits of up to $5 million in USDC to form the initial $45 million pool.


Lending to crypto blue chips

In addition to Maple's on-chain lending facility, the X-Margin team will leverage its privacy-friendly lending infrastructure and underwriting expertise to provide credit to some of the largest borrowers in the crypto space.


Darshan Vaidya, the CEO of X-Margin said:


“ Maple's multi-chain infrastructure continues to pioneer institutional lending infrastructure in crypto. The X-Margin privacy lending platform is a natural solution to this, helping to scale a more data-driven and transparent lending market in DeFi and CeFi .”


Borrowers are required to adhere to Know Your Customer (KYC) and Anti Money Laundering (AML). This is part of regulatory compliance and to ensure lending goes to legitimate projects.

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