Genesis invests $75 million Maple Solana – combines traditional finance and Defi aspects
Genesis is depositing $75 million in capital into Maple’s Solana-based lending platform.
Genesis supports Maple Solana
One of the crypto market’s biggest lending and trading firms, is ramping up its decentralized finance footprint by contributing $75 million to Maple’s Solana-based lending platform.
Genesis’s contribution to Maple Solana will make it the first centralized exchange company to act as a team delegate for its Solana-based platform. Maple launched its Solana platform earlier this year while also running a lending platform on Ethereum.
Trading companies Wintermute and Amber Group plan to borrow from a fund run by GGC International Limited.
The $75 million represents a small fraction of this Company’s total loan book, over $44 billion as of March 2022. Through its subsidiary Genesis Capital, the Company generates money loans for electronics worth tens of billions of dollars per month.
However, Maple’s contribution reflects how major crypto companies are increasingly turning to decentralized finance – and in this case, the Solana network – to conduct transactions and lend capital.
The Company says that running a portion of its loan book through Maple’s infrastructure translates to lower operating costs by replacing traditional software tools with on-chain capabilities.
“We fully expect most of the major CeFi players in crypto to use Maple’s infrastructure to strengthen their online lending business in the coming year.”
Maple’s founder, Sid Powell, explains.
Despite the volatility of the crypto market, which has seen the bitcoin price drop by more than 30% this year, Maple claims that none of its borrowers have missed out on interest payments capacity since its inception in May 2021.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Genesis invests $75 million Maple Solana – combines traditional finance and Defi aspects
Genesis is depositing $75 million in capital into Maple’s Solana-based lending platform.
Genesis supports Maple Solana
One of the crypto market’s biggest lending and trading firms, is ramping up its decentralized finance footprint by contributing $75 million to Maple’s Solana-based lending platform.
Genesis’s contribution to Maple Solana will make it the first centralized exchange company to act as a team delegate for its Solana-based platform. Maple launched its Solana platform earlier this year while also running a lending platform on Ethereum.
Trading companies Wintermute and Amber Group plan to borrow from a fund run by GGC International Limited.
The $75 million represents a small fraction of this Company’s total loan book, over $44 billion as of March 2022. Through its subsidiary Genesis Capital, the Company generates money loans for electronics worth tens of billions of dollars per month.
However, Maple’s contribution reflects how major crypto companies are increasingly turning to decentralized finance – and in this case, the Solana network – to conduct transactions and lend capital.
The Company says that running a portion of its loan book through Maple’s infrastructure translates to lower operating costs by replacing traditional software tools with on-chain capabilities.
“We fully expect most of the major CeFi players in crypto to use Maple’s infrastructure to strengthen their online lending business in the coming year.”
Maple’s founder, Sid Powell, explains.
Despite the volatility of the crypto market, which has seen the bitcoin price drop by more than 30% this year, Maple claims that none of its borrowers have missed out on interest payments capacity since its inception in May 2021.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
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