Maple Finance, a blockchain-powered institutional capital market, announced Thursday that it launched the first DeFi syndicated loan in partnership with Alameda Research. The press release that was shared with Finance Magnates states that the on-chain vehicle aims to syndicate loans from globally accredited institutional investors.
Ascendex, Abra, and CoinShares are the first lenders. Maple Finance was able to offer the loan and Alameda built the on-chain borrowing mechanism.
“The crypto trading landscape evolved quickly over the last few years and we expect it will continue to evolve,” said Sam Trabucco, Alameda’s co-CEO. Alameda has found flexibility in a decentralized, on chain lending platform such as this one, which helps it adapt to the landscape. We look forward to watching it grow,” Sam Trabucco (Co-CEO of Alameda) said.
Maple Finance’s CEO, Sid Powell, and Co-Founder pointed out that the DeFi lending market is changing. “It is a sign the times, Alameda, which is a multi-billion-dollar institution, now uses a blockchain platform for access to Debt Capital Markets. This is a precedent in how traditional financial institutions can access the DeFi lending market that is not collateralized. Investment banks are no longer using Excel spreadsheets and a Bloomberg terminal to raise debt. The market is changing.
DeFi Lending Pool launched
Maple Finance recently announced the creation of a DeFi institutional lending pool, in partnership with BlockTower Capital & Genesis. This pool has provided loans of nearly $25 million to Genesis. Maple Finance stated that the company provided over $300 million of liquidity in six months.
“With seven years’ experience in crypto trading at CoinShares, our vision of the future of capital markets is moving on-chain, becoming distributed, global, and operating 24/7/365. The Maple team has been an amazing partner in our growing DeFi books over the past year and we are proud to offer capital to borrowers through this new channel. “We continue to search for opportunities to play an important role in establishing new markets and exceptional teams as our balance sheet grows,” Jean-Marie Mognetti CEO of CoinShares said.