Bringing institutional structured credit infrastructure onchain for the first time

SAN FRANCISCO: Maple, the leading onchain asset manager, and Kraken, the multi-asset trading platform powered by Payward, today announced the closing of an onchain warehouse facility for digital asset-backed loans. The move marks one of the first times the structural protections that underpin institutional credit markets have been replicated in a fully onchain environment.

The USDC-denominated Facility funds Kraken's OTC lending program, with Maple providing senior financing through a dedicated SPV designed to be bankruptcy-remote, enabling clients to access funding without the need to sell their crypto holdings. Kraken affiliates act as originator, seller, servicer, and junior lender, retaining a first-loss position in the capital structure. This means Kraken absorbs losses before any senior capital is at risk, directly aligning incentives in the transaction

Kraken Financial, a Wyoming-chartered Special Purpose Depository Institution and regulated qualified custodian, holds the underlying collateral. Zaria, an independent SPV administrator, serves as the administrative agent.

A new credit layer for digital assets

Institutional demand for secured digital asset credit has grown steadily, but to date, that demand has been met largely through bilateral arrangements with limited structural sophistication. This Facility brings warehouse financing, the credit model that underpins traditional markets in auto loans, mortgages, and consumer credit, onchain for the first time.

For Kraken, the facility provides a scalable, capital-efficient credit line to grow its lending book without committing additional balance-sheet capital as it deepens its institutional product suite across the US, Europe, and Asia. For Maple lenders, it opens access to senior, overcollateralized yield backed by BTC and ETH collateral, a new asset class within Maple's earn product suite, with collateral balances and loan performance verifiable onchain in real time.

"The infrastructure that powers a multi-trillion-dollar ABS market in traditional finance has never existed onchain, until now,” said Sidney Powell, CEO and Co-Founder, Maple. “This Facility applies that model to digital asset collateral in a fully onchain environment, with the structural protections institutions actually require."

"Our clients want access to the same capital formation tools that have powered traditional credit markets for decades," said Arjun Sethi, Co-CEO of Kraken. "This facility enables institutions and crypto holders to access liquidity without selling their assets, creating new ways for digital assets to be used within the financial system. By bringing proven credit infrastructure to onchain finance, we can improve capital efficiency, expand access to credit, and unlock greater utility for digital asset holders seeking financing for everyday needs and larger investment opportunities alike."

Bringing structured credit onchain

Warehouse financing has been foundational to capital markets for decades. This Facility demonstrates that its core structural protections - bankruptcy remoteness, senior subordination, independent administration - can be delivered in a fully onchain environment, and establishes a repeatable template for additional originators. The facility also opens up avenues for digital asset holders to access funding at scale through an institutionally structured facility.

About Maple

Maple, founded in 2019, is one of the largest onchain institutional asset management platforms with decades of traditional finance and crypto experience. Maple combines capital markets expertise with DeFi innovation to power a suite of offerings, including secured lending and structured products. As a leader in decentralized finance and institutional crypto markets, Maple has built a global asset management ecosystem focused on innovation and accessibility. Maple is pioneering the future of onchain asset management. For more information, visit maple.finance.

About Kraken

Founded in 2011, Kraken is one of the world’s longest-standing and most secure crypto platforms globally. Kraken clients trade more than 600 digital assets, traditional assets such as U.S. futures and U.S.-listed stocks and ETFs, and 6 different national currencies, including GBP, EUR, USD, CAD, CHF, and AUD. Trusted by millions of institutions, professional traders and consumers, Kraken is one of the fastest, most liquid and performant trading platforms available.

Kraken’s suite of products and services includes the Kraken App, Kraken Pro, the Krak App, Kraken Institutional, Kraken’s onchain offerings and the Ninja Trader retail trading platform. Across these offerings, clients can buy, sell, stake, earn rewards, send and receive assets, custody holdings, and access advanced trading, derivatives, and portfolio management tools.

Kraken has set the industry standard for transparency and client trust, and it was the first crypto platform to conduct Proof of Reserves. It complies with regulations and laws applicable to its business, while actively protecting client privacy and maintaining the highest security standards.

For more information about Kraken, please visit www.kraken.com.

Important Information

This announcement is for information purposes only. It is neither an offer to sell nor a solicitation of an offer to buy any security, financial instrument or product, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. The facility and any related products and services are available only to eligible persons in permitted jurisdictions and are subject to applicable terms, conditions and eligibility requirements. Nothing in this announcement constitutes investment, legal, tax or accounting advice. Digital assets and lending arrangements involve significant risk, including possible loss of principal. Certain statements are forward-looking and reflect current expectations; actual results may differ materially, and neither Maple nor Kraken undertakes any obligation to update them.

Fonte: Business Wire