Maple Solana plans to increase its fund pool to $300 million by the end of 2022, and has offered up to $1 billion in non-collateralized loans.
Maple Finance, a decentralized corporate lending marketplace for institutional borrowers, has expanded its reach to Solana as it enables the financing of projects built on smart contract blockchains.
The marketplace is the first multi-chain capital platform also available on Ethereum. It is also the leading institutionally focused non-collateralized loan for projects in the Solana ecosystem.
Scaling the Solana Ecosystem
According to Maple Solana, the project begins with a pool of $45 million for non-collateralized loans. The team will then look to increase it over the next eight months to $300 million by the end of the year.
Quinn Barry, Head of Maple Solana, said that they aim to help grow the Solana ecosystem through on-chain capital-market infrastructure.
,Over the next three months, we expect to bring in more than $300 million of liquidity to Solana. We will soon welcome another credit-expert to the platform, and share more details about how Liquidity Protocol is already using Maple’s infrastructure as a launchpad on Solana.,” He added.
Sid Powell, CEO and Co-Founder of Maple Finance commented,
,Building the first multi-chain capital market solution will continue to attract high-quality lenders and borrowers, create unprecedented growth opportunities for innovators building on Solana, and enable the entire industry to flourish.,
Maple Solana is aiming to issue $1 billion worth of loans, the crypto-capital network that also offers service on Ethereum, said in a statement. announcement, There are also plans to launch SYRUP, a governance token that will offer similar functionality to the Ethereum-based MPL token.
X-margin is the first pool rep
As part of a milestone towards transforming capital markets through technology in the Solana ecosystem, Maple Solana has secured the incorporation of data-driven lender X-Margin.
The firm will be the first pool representative whose lending business will attract huge deposits from the three major partners. Financial services and payments technology provider Circle raised $10 million while digital asset manager CoinShares added $20 million.
X-Margin also received $10 million from Solana natives, and is open to deposits of up to $5 million in USDC to create an initial $45 million pool.
lending crypto blue-chips
The X-Margins team will leverage Maple’s on-chain credit facility as well as its privacy-protecting credit infrastructure and underwriting expertise to offer credit to some of the largest borrowers in the crypto space.
Darshan Vaidya, CEO, X-Margin, said:
,Maple’s multi-chain infrastructure continues to lead the way in institutional lending infrastructure in crypto. X-Margin’s privacy-protected credit platform is a natural fit for it, helping it scale to a more data-driven and transparent credit market in DeFi and CEFI.,
Borrowers will have to comply with Know Your Customer (KYC) and Anti Money Laundering (AML). This is part of regulatory compliance, and to ensure that lending is advanced for reputed projects.