Maple, the leading multi-chain institutional crypto-capital network, today welcomes Genesis (“Genesis”), one of the largest CeFi digital asset lenders, as a pool delegate on Maple Solana. This comes just one month after Maple moved multi-chain and expanded its undercollateralized lending platform to Solana in partnership with Circle and X-Margin. Through its GGC International Limited entity, Genesis will issue capital from its balance sheet to profitable and established crypto-native businesses Wintermute Trading and Amber Group. The deal will push loans issued on Maple to over $1.5 billion, just 1 year after launching in May 2021.
"Maple Solana enables Genesis to combine aspects of traditional finance and DeFi,” said Matt Ballensweig, Managing Director, Co-Head of Trading and Lending. “We are creating financing options for firms who need capital to trade, with the infrastructure required in traditional finance and the efficiency DeFi offers. Maple has created a frictionless way to settle loans to these businesses.”
Genesis is the first CeFi organization on Maple Solana to join as a pool delegate. As a pool delegate, GGC International Limited will be the sole provider of capital, contributing $75 million from its own balance sheet, making this the largest starting pool size recorded on Maple.
Wintermute Trading and Amber Group, crypto-market-makers and existing borrowers from Maple’s pools take loans of $50 million and $25 million respectively at launch.
“Genesis joining Maple Solana is a significant milestone as industry leaders continue to recognize our best-in-class compliance procedures and credit issuing technology,” said Sid Powell, Maple’s CEO and Co-Founder. “On Maple, credit experts like Genesis lend to well-established businesses in the crypto ecosystem and allow for more efficient loan executions that improve their bottom line. We fully expect most of the large CeFi players in crypto to utilize Maple’s infrastructure to enhance their on-chain lending businesses over the next year.”
The ‘Shopify-of-DeFi’ has expanded rapidly through offering its platform as a service to a range of credit firms, including Celsius and X-Margin. Maple’s model is structured so that any credit expert can run a lending business on its platform, while implementing the best aspects of finance in order to enable undercollateralized lending that is efficient, frictionless, and available around the clock through the use of smart contracts.
“As we celebrate 1 year of Maple, we can feel the momentum, but it’s important to remember we’re just getting started. Maple is taking a long-term view by building a composable and robust infrastructure to support the capital markets needs of DeFi for years to come,” said Maple Co-Founder Joe Flanagan. “We are creating greater reporting, accounting and compliance procedures similar to that of industry-leading financial services firms. With these foundational blocks in place, we make it an easy choice for regulated parties to join our network.”
In addition to surpassing $1.5 billion in loans originated on its platform, and $900 million in TVL since launching in May 2021, the platform celebrates several achievements on its one year anniversary:
In May, Maple refreshed its brand design and launched a new website commensurate with its position as a leading institutional capital markets infrastructure provider.
Launched onto Solana in April 2022 following acquisition of Avari in January 2022, an unlaunched protocol founded by Stanford graduates Quinn Barry and Jeffrey Hu. With the launch, Maple became the first undercollateralized lending protocol on the Solana blockchain, as well as the first institutional, business-to-business focused protocol in the space.
In March 2022, Maple announced a loan of $77.77 million to Alameda Research, issued with 0% collateral. This marked Maple’s largest loan to date from the first syndicated loan pool in DeFi history.
In February 2022, Celsius joined Maple as a pool delegate, with Alex Mashinsky noting that the “firms share a mutual mission to serve the markets that traditional institutions aren't”.
Maple is an institutional crypto-capital network bringing the trillion-dollar capital markets on-chain.. Maple provides the infrastructure for credit experts to efficiently manage and scale crypto lending businesses and connect capital from institutional and individual lenders to innovative, blue-chip companies. Built with both traditional financial institutions and decentralized finance leaders, Maple is transforming capital markets by combining industry-standard compliance and due diligence with the frictionless lending enabled by smart contracts and blockchain technology. Maple is the gateway to growth for financial institutions, pool delegates and companies seeking capital on-chain. For more information, visit maple.finance.
Genesis is a full-service digital currency prime brokerage providing a single point of access for select qualified individuals and global institutional investors. Genesis combines unrivaled operational excellence, a seamless user experience, and best-in-class client service to provide the full suite of services global investors require to manage their digital asset portfolios.
The firm offers sophisticated market participants a fully integrated platform to trade, borrow, lend, and custody digital assets, creating new opportunities for yield while increasing capital efficiency for counterparties.
Last Edited 05 October 2023