Maple and Kraken close an on-chain warehouse facility to fund Kraken's crypto-backed loans

Maple Finance/Syrup lending (syrupUSDC, syrupUSDT)

Maple will provide senior USDC financing for Kraken's over-the-counter loans to institutions, through a bankruptcy-remote company holding the BTC and ETH collateral. Kraken originates and services the loans and keeps a stake lower in the capital structure, a setup borrowed from asset-backed lending in traditional finance.

• Kraken Financial, a Wyoming-chartered special-purpose bank, holds the collateral as custodian.
• Zaria acts as independent administrator of the special-purpose vehicle.
• Facility size was not disclosed.