Maple Finance, a Web3 lending platform, has announced the launch of its direct lending program. According to a June 28th whitepaper from the platform’s development team, The program is intended to replace services at Celsius, BlockFi and other lenders that have gone bankrupt.
The first lending pool will open in July.
Maple Finance is a blockchain institutional capital used by Web3 businesses to obtain loans. This allows them to use the funds to launch or expand their products. In the past, Maple relied on credit specialists known as “pool delegates” to finance these loans. Celsius, for example, used Maple to create Wrapped Ether (WETH). ) lending pool in February 2022
But in the bear market of mid to late 2022, some of the largest Web3 lenders went bankrupt, including Celsius, BlockFi.
In an announcement on June 28, Maple’s team stated that it will now act as a lender on the platform in some cases. With the company’s own credit underwriting expertise The company will provide institutional financing to credible borrowers. This means that if a potential borrower is unable to obtain a loan from another provider. The person may be able to apply for a loan from Maple through the Maple Direct program.
Maple’s team said the new program was necessary as major Web3 lenders had “get out of the field” and traditional lenders such as banks. “Not interested in or having the necessary expertise to warrant the innovation group” of technology company Web3.
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