Maple Finance partners with Celsius to launch wETH lending pool
Digital asset lending platform Celsius has become the first pool delegate from the centralized finance market to deploy a crypto-centric lending service on Maple Finance, utilizing the latter’s smart contract and blockchain infrastructure to facilitate a $30 millionpool to institutional investors.
Celsius succeeds existing pool delegates BlockTower, Orthogonal Trading, Maven 11 and Alameda Research in partnering with Maple on such an endeavor.
The introduction of wrapped Ether (wETH) is set to complement the existing accessibility to trade Circle’s native stablecoin, USD Coin (USDC), enabling investors to utilize the asset across an array of trading components, including staking, lending and borrowing.
Cointelegraph spoke to Sidney Powell, Maple Finance’s co-founder and CEO, to uncover the prerequisites and financial nuances that interested institutional investors must be aware of before engaging with the pool.
Powell shared that “Institutions work directly with the Celsius team to borrow from this pool. Borrowers have to pass through Celsius’ established KYC and credit assessments,” adding:
Maple Finance revealed to Cointelegraph that the initial syndicated loan of $47.25 million issued to Alameda Research in mid-November 2021 has today exceeded $100 million, with the FTX-associated trading firm being the sole borrower in the transaction.
Abracadabra deposited $25 million alongside other projects including the popular play-to-earn horse racing game Zed Run and CoinShares.
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“Syndicated loan” is a term that denotes the process by which financial institutions, typically from the banking industry, extend finance to private corporations, either on an individual basis or as part of a
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