Kraken's new facility with Maple brings a traditional warehouse financing model onchain, allowing the exchange to expand its institutional crypto lending business using blockchain-based structured credit.
Crypto exchange Kraken and onchain asset manager Maple have launched an onchain warehouse financing facility for crypto-backed loans, applying a lending structure widely used in traditional credit markets to institutional digital asset lending.&
According to Thursday's announcement, the facility will fund Kraken's OTC lending business using a bankruptcy-remote special purpose vehicle (SPV) and USDC-denominated financing.
Unlike traditional bilateral crypto loans, the facility is structured through the SPV, with Maple providing senior financing and Kraken retaining a stake in the transaction. The arrangement is intended to let Kraken expand its institutional lending business without tying up additional balance-sheet capital.
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