Maple Finance, a blockchain-powered institutional capital marketplace, announced on Thursday that it had launched the first DeFi Syndicated Loan jointly with Alameda Research. According to the press release shared with Finance Magnates, the on-chain vehicle seeks to syndicate loans from accredited institutional investors globally.
The first lenders include CoinShares, Abra and Ascendex. With the offering in place, Maple Finance relied on Alameda to build the on-chain borrowing vehicle.
“The crypto trading landscape has evolved very quickly over the past few years, and we expect it to continue to do so. The flexibility that comes from a decentralized, on-chain lending platform like this one helps Alameda adapt to that landscape, and we look forward to seeing it grow,” Sam Trabucco, Alameda’s co-CEO, commented.
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Also, Sid Powell, Maple Finance’s CEO and Co-Founder, pointed out the following about the DeFi lending market: “It is a sign of the times that Alameda, a multi-billion dollar institution, is now using a blockchain platform to access Debt Capital Markets. This sets a precedent for how traditional financial institutions can enter and take advantage of the under-collateralized DeFi lending market. The old way of investment banks using a Bloomberg terminal and excel spreadsheet to raise debt is becoming outmoded, and the market is voting with its feet.”
DeFi Lending Pool Launched
Recently, Maple Finance announced the launch of a permissioned institutional DeFi lending pool in partnership with BlockTower Capital and Genesis. Such a pool has deployed to almost $25 million in loans to Genesis. As a result, the total liquidity provided by the company was over $300 million in six months, Maple Finance noted.
“With seven years of crypto trading experience at CoinShares, we see the future of capital markets moving on-chain and becoming global, distributed and operating 24/7/365. Over the last year, the Maple team has been a phenomenal partner to our growing DeFi book, and we’re proud to provide capital to borrowers via this new channel. As our balance sheet continues to grow, we continue to look for opportunities to play a key role in establishing new markets with exceptional teams,” Jean-Marie Mognetti, CEO of CoinShares, said.