Maple Now On Solana
Maple now on Solana with X-Margin, who immediately issue $42M uncollateralized with capital provided by Circle, Coinshares and Solana natives.
Maple is proud to launch on Solana, and begin to address financing needs within the ecosystem. With its launch partner X-Margin, and lenders Circle, Coinshares and Solana natives, Maple bring $40M in liquidity to the ecosystem at launch, and plan to grow this pool to $300M by EOY.
“Building the first multi-chain capital market solution has and will continue to attract high quality lenders and borrowers, create unprecedented growth opportunities for innovators building on Solana, and enable the entire industry to thrive.” — Sidney Powell, CEO and Co-Founder of Maple.
Whilst Maple is the first multi–chain capital solution, they are also the first institutionally focused platform to offer uncollateralized borrowing on Solana. With key partners, X-Margin, Circle, Coinshare this is a key milestone in transforming capital markets through technology.
Individuals and institutions can deposit Solana USDC into the pool directly via the Maple Solana WebApp. Requests to borrow can be made here.
X-Margin is the first firm to act as a pool delegate and launch a lending business on Maple Solana. Attracting large deposits from Circle ($10M), Coinshares ($20M), and Solana natives ($10M), the X-Margin team will combine their privacy preserving credit platform and underwriting expertise, with Maple’s on-chain credit infrastructure to efficiently issue credit to crypto-blue chips.
“Maple’s multi-chain infrastructure continues to lead the way for institutional credit infrastructure in crypto. X-Margin’s privacy preserving credit platform is a natural fit for this, helping to scale a more data-driven and transparent credit market in DeFi and CeFi.”— Darshan Vaidya, CEO of X-Margin.
To bring traditional capital markets on-chain, Maple has built with institutions to ensure the same rules and regulations apply in DeFi. For instance, across the protocol all borrowers must pass KYC-AML checks as well as credit assessment, so institutional lenders can be sure capital is issued to reputable firms.
“Circle deposited $10M Solana USDC to fund the future of the Solana ecosystem. Solana USDC already has extensive adoption with FTX, Serum, Raydium, and now Maple is bringing new utility to Solana USDC, as well as a new primitive to the ecosystem. We are proud to deepen our partnership with Maple and the Solana ecosystem at large.”—Jeremy Fox-Geen, Chief Financial Officer, Circle.
Profitable and growing crypto blue-chips, Nascent, Framework, and Alameda Research comprize the first cohort of uncollateralized borrowers, after passing X-Margin’s rigorous due diligence process.
The pool is open to deposits from all individuals and institutions with idle cash, up to an initial amount of $5M Solana USDC. X-Margin plan to grow the pool to $300M by the end of 2022.
ABOUT Maple Finance
Maple is a crypto-capital network operating across the Ethereum and Solana blockchains. Maple facilitates efficient credit flows by providing the technology for credit experts to build lending businesses.
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