Maple and Kraken Close Landmark Onchain Warehouse Facility for Digital Asset-Backed Loans
Bringing institutional structured credit infrastructure onchain for the first time
Maple, the leading onchain asset manager, and Kraken, the multi-asset trading platform powered by Payward, today announced the closing of an onchain warehouse facility for digital asset-backed loans. The move marks one of the first times the structural protections that underpin institutional credit markets have been replicated in a fully onchain environment.
The USDC-denominated Facility funds Kraken's OTC lending program, with Maple providing senior financing through a dedicated SPV designed to be bankruptcy-remote, enabling clients to access funding without the need to sell their crypto holdings. Kraken affiliates act as originator, seller, servicer, and junior lender, retaining a first-loss position in the capital structure. This means Kraken absorbs losses before any senior capital is at risk, directly aligning incentives in the transaction
Kraken Financial, a Wyoming-chartered Special Purpose Depository Institution and regulated qualified custodian, holds the underlying collateral. Zaria, an independent SPV administrator, serves as the administrative agent.
