Kraken and Maple unveil onchain warehouse for crypto lending
6.6 Investments Kraken and Maple launched an onchain warehouse for digital asset-backed loans, letting institutions borrow USDC against crypto collateral with robust protections and transparent, scalable lending.
Kraken has partnered with Maple to launch an onchain warehouse facility for digital asset-backed loans, marking a major advancement in bringing institutional credit protections to blockchain. The USDC-denominated facility supports Kraken’s over-the-counter (OTC) lending program, enabling institutional and high-net-worth clients to borrow USDC by posting BTC, ETH, and other cryptocurrencies as collateral. Maple provides senior financing through a bankruptcy-remote special purpose vehicle (SPV), ensuring asset protection even if either party faces financial distress. Kraken acts as loan originator, seller, servicer, and junior lender, taking the first-loss position to align incentives and absorb initial losses before Maple lenders are affected. Kraken Financial, a regulated custodian, holds the underlying collateral, while Zaria serves as the independent SPV administrator. This structure brings the warehouse financing model, common in traditional markets, fully onchain for the first time, offering scalable and capital-efficient credit solutions for institutional crypto lending.
