Key Takeaways
Celsius is setting up a $30 million wETH pool on the institutional debt marketplace Maple Finance.
This will be the first wETH-denominated lending pool on the platform.
Since launching nine months ago, Maple has originated over $768 million in loans and lent to over 25 institutional borrowers.
Share this article
Maple Finance, a decentralized institutional capital marketplace, has announced that it will onboard Celsius as the first CeFi lender on its platform.
Celsius to Lend on Maple Finance
Maple Finance, a capital-efficient corporate debt marketplace, has announced today that it will onboard Celsius as the first CeFi firm to utilize its DeFi infrastructure to lend to crypto institutions.
According to the announcement, Celsius will be setting up a $30 million wrapped Ethereum (wETH) lending pool on Maple. Big crypto institutions, including global crypto market-maker Wintermute and leading crypto service provider Amber Group, will borrow from Celsius’s wETH pool based on their balance sheet strength, profitability, and credit history.
Commenting on the partnership, Celsius CEO Alex Mashinsky said:
“We are excited to use Maple’s DeFi rails to provide efficient access to capital for blue-chip crypto institutions. Maple’s lending infrastructure means we can move quickly and securely into this space. Celsius will draw on its deep experience in underwriting and look forward to welcoming new borrowers this year and beyond.”
Maple is a decentralized institutional debt marketplace that bridges the gap between traditional and decentralized finance by allowing institutions to borrow crypto from liquidity pools funded by DeFi investors and managed by experienced credit analysts. Its hybrid approach permits higher capital efficiency because it allows for undercollateralized loans—a niche product significantly underserved in DeFi.
Since it launched nine months ago, Maple has originated over $768 million in loans and currently has over $649 million in total value locked on the platform. Sidney Powell, the CEO and co-founder of Maple said that the platform currently has over 25 institutional borrowers and has consistently maintained over 80% liquidity utilization rates from the start.
Besides merely providing capital for loans, Celsius will also become a pool delegate, meaning it will actively manage the $30 million wETH pool to attract more capital and commit loans. Commenting on this, Powell highlighted that the ETH-denominated pool would be the first of its kind on the platform. “The core digital asset available for loans so far has been USDC, so we’re really proud to enable wETH borrowing with Celsius, who will provide the capital from their Treasury,” he told Crypto Briefing.
This isn’t the first time Celsius has dabbled in DeFi to generate more yield for itself and its depositors. Last December, the CeFi lender lost around $51 million in a $120 million hack of BadgerDAO, a DeFi platform offering yield opportunities on wrapped Bitcoin.
Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
What is Rarible: A DAO for NFTs
What was once dismissed as a silly and expensive sector, NFTs give creators access to global markets in a way that’s never been possible before, and it’s all thanks to blockchain.Those familiar…
Maple Finance Launches Institutional Loans for DeFi
Maple Finance is building a decentralized marketplace for institutional capital, finally making undercollateralized loans a reality for crypto-native companies. Maple Finance Goes Live Maple Finance is launching a corporate debt…
Maple Finance Targets Institutional DeFi Market With Permissioned Pool…
Maple Finance has launched a new lending pool in partnership with BlockTower Capital and Genesis. Maple Finance Launches Permissioned DeFi Pool Maple Finance is taking big steps to onboard institutions…
Did Celsius Network Lose $51M in BadgerDAO’s Hack?
Several BadgerDAO users suffered significant losses when the protocol’s frontend was hacked yesterday—and on-chain data suggests that Celsius Network could have lost an eight-figure sum. The BadgerDAO Hack’s Biggest Victim …
Be the first to comment