Maple Finance Originates $1B of Loans in 10 Months

The crypto lender’s CEO reveals plans for a institution-sourced lending pool for crypto miners


Maple Finance CEO Sid Powell | Source: Maple Finance


key takeaways

  • Maple Finance “is the rails on which the lending business of the future will be running,” the CEO said
  • Traditional asset managers are showing increased interest in lending to crypto miners

Crypto lender Maple Finance has surpassed $1 billion in loans in relatively short order and is now looking to connect crypto mining borrowers with traditional asset managers willing to float voluminous loans.

The company offers undercollateralized lending infrastructure for institutional lenders and corporate borrowers.

Founded in May 2021, Maple hit the $1 billion mark in 10 months following its largest loan — $77.5 million — to digital assets quantitative trading firm Alameda Research.

“We are excited about the growth on the platform over the past year and we look forward to continuing to originate new loans with the Maple team,” an Alameda spokesperson told Blockworks in an email. 

Sam Bankman-Fried, the CEO of crypto exchange FTX, founded Alameda in 2017 in an effort to provide liquidity via market-making to digital asset markets.

Maple aggregates loans on behalf of large borrowers. Rather than a borrower negotiating deals and maintaining contact with a dozen prospective lenders, one entity assesses the borrower’s risk and manages a collateralized asset pool.

Maple CEO Sid Powell told Blockworks that the company’s pools provide an “evergreen source of capital.” 

“Alameda doesn’t have to go and find those parties — the delegate does that,” Powell said. “And Alameda doesn’t have to manage individual relationships; they just have to have one point of contact.”

Institutions looking to source yield through lending often don’t know where to start, he added, saying many lack the crypto-native know-how to negotiate an annual percentage yield (APY) or lack the bandwidth to properly source counterparties.

The future of lending?

Maple “is the rails on which the lending business of the future will be running,” Powell said, because the startup offers a comparably low-cost way to gain exposure to the growing field of blockchain-based fixed-income products.

A high-performing underwriter or risk assessor at a company such as JPMorgan or Goldman Sachs can leverage their expertise and relationships to run a Maple pool, according to Powell.

“You don’t have to go out and raise $200 million by talking to 20 different institutions or family offices,” he said. “You can set up the next Genesis, Celsius or PIMCO yourself.”

Crypto lender Celsius recently became the first centralized finance institution to deploy its services on Maple. Celsius last month moved to issue and manage under-collateralized loans from a $30 million pool of wrapped ether (WETH) for the first time.

A future focus on miners

Maple Finance is targeting $5 billion in originated loans by the end of this year.

About $3 billion is projected to come from Maple’s existing business, while $1 billion would come from its Maple Solana offering, set to launch at the end of the month.

In January, Maple unveiled its bid to acquire DeFi lending protocol Avari to expedite the platform’s launch on the Solana blockchain. Daniel Kim, Maple’s head of capital markets, said at the time Solana “has uniquely captured the interest of the largest capital markets participants.”

The remaining projected $1 billion in loans is expected to come from institutions lending to miners. Traditional asset managers and banks — even if they’re reluctant to invest directly in crypto — are showing an increasing interest to act as a counterparty for such loans, Powell said, adding that there’s a particular appetite for US miners tapping renewable energy. 

Maple is targeting a lending pool for miners, initially amounting to $100 million or $200 million, by the end of the second quarter.

“Because it’s the oldest crypto industry, it’s the one that most people are familiar with and one that we see some of the highest levels of appetite for,” Powell said.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Frax report cover.jpg


Frax saw continued development in its frxETH liquid staking derivative and Fraxlend money market throughout 2023. Frax V3 introduces an RWA strategy to drive utility to the protocol's cornerstone product, the FRAX stablecoin.


MicroStrategy discloses the purchase of 16,000 bitcoin throughout November


Digital asset firms face potential new regulatory landscape under Treasury’s proposed authority expansion


Uniswap Labs will be providing trading APIs to Talos investors through Fireblocks


DYDX supply will climb by up to 80% after the Friday unlock, but a couple factors make a massive sell-off appear unlikely


Switzerland-based Pando Asset, which has crypto products trading on the SIX Swiss Exchange, now looks to the US


Binance does not hold the required licenses to advertise and serve customers in the Philippines, the country’s securities regulator said