Schlagwort: crypto business

Maple Solana plans to grow its fund pool to $300 million by end of 2022, and offer up to $1 billion in uncollateralized loans.

Maple Finance, a decentralized corporate debt marketplace for institutional borrowers, has expanded its access to the Solana as it looks to enable funding of projects built on the smart contracts blockchain.  

The marketplace, also available on Ethereum, is the first multi-chain capital platform. It’s also the pioneering institutionally-focused uncollateralized lending for projects in the Solana ecosystem.

Scaling the Solana ecosystem

According to Maple Solana, the project starts with a $45 million pool for uncollateralized loans. The team will then look to grow this over the next eight months to bring it to $300 million by the end of the year.

Quinn Barry, the head of Maple Solana, said their goal is to help scale the Solana ecosystem via on-chain capital-market infrastructure.

“Over the next three months, we expect to bring over $300 million of liquidity to Solana. We will soon welcome another credit-expert to the platform, and share more details on how liquidity protocols are already using Maple’s infrastructure as a launchpad onto Solana,” he added.

Sid Powell, the CEO and co-founder of Maple Finance commented:

“Building the first multi-chain capital market solution has and will continue to attract high quality lenders and borrowers, create unprecedented growth opportunities for innovators building on Solana, and enable the entire industry to thrive.” 

Maple Solana targets issuing $1 billion worth of loans, the crypto-capital network that also provides the service on Ethereum said in an announcement. There are also plans to launch SYRUP, a governance token that will offer the same functionality as the Ethereum-based MPL token.

X-Margin is the first pool delegate

As part of the milestone towards transforming capital markets via technology in the Solana ecosystem, Maple Solana has secured the corporation of data-driven lender X-Margin.

The firm will be the first pool delegate, with its lending business having attracted huge deposits from three major partners. Financial services and payments technology provider Circle deposited $10 million while digital assets manager Coinshares added $20 million.

X-Margin also received $10 million from Solana natives, and is open to deposits of up to $5 million in USDC to make the initial $45 million pool.

Lending to crypto blue-chips

The X-Margin team will leverage its privacy-preserving credit infrastructure and underwriting expertise alongside Maple’s on-chain credit facility to offer credit to some of the biggest borrowers in the crypto space.

Darshan Vaidya, the CEO of X-Margin said:

“Maple’s multi-chain infrastructure continues to lead the way for institutional credit infrastructure in crypto. X-Margin’s privacy preserving credit platform is a natural fit for this, helping to scale a more data-driven and transparent credit market in DeFi and CeFi.” 

Borrowers will have to adhere to Know Your Customer (KYC) and Anti Money Laundering (AML). This is part of regulatory compliance, and to ensure lending is advanced to reputable projects.

The post Maple Finance launches on Solana with $45M to support ecosystem growth appeared first on Coin Journal.

 Portal, the Bitcoin-built cross-chain Layer-2 DEX network, has announced via a press release that it will be collaborating with High Circle Ventures’ blockchain-based asset marketplace HighCircleX to facilitate pre-IPO companies to tokenize shares on the Bitcoin blockchain.

The collaboration presents a first of its kind opportunity for pre-IPO companies to tokenize equity in private and create the provision of liquidity to illiquid assets. Further, companies will continue to benefit from the “many layers of application” that Portal envisions to build on the Bitcoin blockchain.

Some of the most-desired pre-IPO companies including Klarna, SpaceX, Automation Anywhere, Epic Games, and Cross River Bank will allow for their ownership interest to be tokenised and traded under the collaboration, the press release stated.

The partnership is a crucial breakthrough in achieving Portal’s vision of incorporating real-world use cases to Bitcoin

Portal’s Executive Chairman Dr. Chandra Duggirala explained the importance of the partnership by stating that the company will make way for the tokenization of many more financial assets to the blockchain:

“Although these assets are not bearer assets like Bitcoin, having both digital asset securities and non-security digital assets available through a simple interface for users who meet accreditation investor criteria marks the beginning of merging Bitcoin ecosystem with mainstream finance.” 

This will further fix the problem of liquidity fragmentation across many different exchanges and applications, he added.

Hemanth Golla, the CEO of HighcircleX, commented on the partnership by saying:

“HCX makes it a breeze for investors to invest in private equity offerings. It gives members instant access to fractional ownership of stocks in the hottest companies. We believe that tokenization and fast, easy tradability that come with it will unlock and expand this market tremendously.

For Portal users, the partnership brings in seamless access to both tokenized securities and non-security digital assets from one wallet. On the other hand, for HCX, the partnership will allow the elimination of limitations such as illiquidity, lock-in periods and value uncertainty that are inherent in private markets and increase the available investor base.

The post HCX and Portal to help tokenize pre-IPO companies on the Bitcoin blockchain appeared first on Coin Journal.