Kraken, Maple launch onchain warehouse facility for crypto-backed institutional loans
Kraken and Maple launched an onchain warehouse financing facility for crypto-backed institutional loans, adapting a traditional credit-market structure to digital assets. The setup uses a bankruptcy-remote SPV and USDC funding to support Kraken’s OTC lending business, with Maple supplying senior financing and Kraken keeping a retained interest. This lets Kraken grow lending without adding much balance-sheet capital. Kraken affiliates will originate, sell, and service the loans, while Kraken Financial holds the collateral and Zaria administers the SPV. The loans are backed by Bitcoin and Ether and tracked onchain for transparency. The deal comes as tokenized credit expands rapidly, with sector value rising to over $6.2 billion from about $1.87 billion a year ago, and Maple remaining the largest platform at roughly $1.4 billion.
