Kraken and Maple launch onchain warehouse facility for crypto-backed institutional loans

Kraken and Maple launched an onchain warehouse financing facility for crypto-backed loans, using a bankruptcy-remote SPV and USDC financing to expand institutional lending.

• The facility uses a bankruptcy-remote SPV structure borrowed from traditional commercial lending
• Maple provides senior financing while Kraken retains a stake, avoiding extra balance-sheet capital
• Tokenized credit has grown to $6.2B from $1.87B a year ago, with Maple as the largest platform
• Kraken Financial, a Wyoming-chartered SPDI, will hold the underlying collateral
• The structure gives lenders senior, overcollateralized exposure backed by Bitcoin and Ether

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