Maple Finance Launches Direct Lending Program to Address the Gap Left by BlockFi and Celsius

Maple Finance, a blockchain institutional capital marketplace, has unveiled its new direct lending program, Maple Direct, according to an announcement by the platform’s development team on June 28. This initiative aims to fill the void left by bankrupt lenders such as BlockFi and Celsius, providing loans directly to creditworthy borrowers instead of relying solely on pool delegates.

Previously, Maple Finance relied on pool delegates to provide capital for loans used by Web3 businesses for product launches and expansions. However, with the collapse of major Web3 lenders, including Celsius and BlockFi, as well as traditional lenders lacking expertise in underwriting Web3 technology firms, Maple Finance recognized the need to step in as a lender itself.

The Maple team will leverage its own credit underwriting expertise to offer capital from institutional allocators to borrowers who may not have access to loans from other providers. The launch of the first direct lending pool is scheduled for July, with a focus on infrastructure, asset management, and liquidity providers. The platform invites capital allocators, such as Crypto Funds, DAOs, VCs, HNWI, Yield Aggregators, and Family Offices, to participate and earn yield through the program.

Maple Finance also confirmed that the introduction of Maple Direct does not replace its existing platform, which features competing lenders. Instead, it aims to expand its services while filling the gap left by bankrupt lenders.

Despite facing challenges such as bankruptcies of FTX and Alameda Research, Maple Finance demonstrated resilience and rebounded quickly, releasing version 2.0 of its software in December. The platform remains committed to supporting the growth of Web3 businesses and providing a trusted lending desk within the Web3 ecosystem.

Leave a Reply

Your email address will not be published. Required fields are marked *