Overview
- The firms announced the SPV-based warehouse facility on June 24 to bankroll Kraken’s over-the-counter institutional loans with USDC backed by BTC, ETH and other crypto.
- Maple will provide senior financing through a bankruptcy-remote special purpose vehicle while Kraken will originate, sell, and service loans and hold the junior first-loss position.
- Kraken Financial, the Wyoming-chartered special purpose depository institution, will custody borrower collateral and independent administrator Zaria will run the SPV.
- Key commercial details remain undisclosed including the facility’s total size, pricing, lender participation and exact fee economics though reporting noted a reported $500,000 minimum loan floor for the program.
- The deal adapts traditional warehouse and asset-backed financing to onchain tokenized credit, a market that has grown since 2022 lender failures and now offers real-time visibility of collateral and pool health.