Maple Finance announces direct lending to fill the void left by BlockFi, Celsius

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Maple Finance announces direct lending program to replace lost capital from Celsius, Blockfi, Genesis, other bankrupt firms

In the June 28 announcement, the Maple team stated that it will now fulfill the role of a lender on the platform in some cases. Using its own credit underwriting expertise, it will provide capital from institutional allocators to creditworthy borrowers. This means that if a potential borrower can’t get loans from one of the other providers, the person may be able to obtain them from Maple through its Maple Direct program.

The team said it will launch its first direct lending pool sometime in July, which will focus on lending to “infrastructure, asset management, [and] liquidity providers.” The team has invited capital allocators to earn yield through the program, saying that it suits the needs of “Crypto Funds, DAOs, VCs, HNWI, Yield Aggregators, [and] Family Offices” looking for a return on their investments.

Maple will also “continue to expand its existing services,” the announcement said, implying that Maple Direct will not replace the current platform that features competing lenders. Lenders at Maple Finance suffered from the FTX and Alameda Research bankruptcies in November. Borrower Aurus Global

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