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Source: Сointеlеgrаph

On Tuesday, institutional crypto lending protocol Maple Finance and its spokesman Icebreaker Finance announced that they will provide secured debt financing of up to $300 million to public and private bitcoin mining companies. Qualified organizations that meet financial management standards and energy management strategies located throughout North America as well as Australia are eligible to apply for funding.

On the other hand, the company seeks to provide a risk-adjusted income at a low percentage for teenagers (up to 13% per year) for investors and capital allocators. The pool is only open to accredited investors who meet the criteria for significant income and/or net worth within the jurisdiction. In the United States, among many criteria, this means having an annual pre-tax income of more than $200,000 ($300,000 with spouse) or having liquid net worth of more than $1 million.

The principal loans in the new credit pool will run for 12 to 18 months with interest rates up to 20%, Maple Finance said. The loan will be secured by physical and intellectual assets owned by the borrower and may include bitcoin mining rigs. In terms of development, Sidney Powell, CEO and co-founder of Maple Finance, stated:

“Recent market headwinds have forced lenders to retreat, while traditional financing mechanisms have been slower to engage the sector. Miners play an important role in the development of the crypto ecosystem and the local economy, and we are proud to be expanding a new funding mechanism for direct capital. where it’s most needed.”

Maple currently owns 50% of the institutional crypto lending market as measured by total outstanding loans. At press time, liquidity pools on Maple have issued approximately $1.8 billion in loans since its inception in May 2021.


Source: Сointеlеgrаph

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