1. BITBILIHome
  2. Article

Maple Finance announces Asia expansion after successful investment round

• 235 views

TL;DR Breakdown

  • Maple Finance has announced that it is making inroads into Asia after completing an investment round.
  • The company is eyeing evolution in a dynamic crypto landscape.

Description

Maple Finance, a blockchain-based credit marketplace, has set its sights on the Asia-Pacific (APAC) region, announcing a successful $5 million investment round on Tuesday. The fundraising was led by BlockTower Capital and Tioga Capital, with participation from Cherry Ventures, The Spartan Group, GSR Ventures, and Veris Ventures, among others. Notably, existing investors including Maven 11 … Read more

Maple Finance, a blockchain-based credit marketplace, has set its sights on the Asia-Pacific (APAC) region, announcing a successful $5 million investment round on Tuesday. The fundraising was led by BlockTower Capital and Tioga Capital, with participation from Cherry Ventures, The Spartan Group, GSR Ventures, and Veris Ventures, among others. Notably, existing investors including Maven 11 and Framework Ventures also increased their capital commitment.

Maple Finance secures $5 million in investment

CEO Sidney Powell expressed the significance of this funding round, highlighting that it marks a pivotal moment in Maple Finance’s journey as it gears up for expansion in the APAC region. Powell emphasized the company’s strategic growth plan and its mission to leverage partnerships and technology to facilitate compliant lending and borrowing adoption across key APAC markets, including Singapore, Japan, Hong Kong, and Korea.

The move into Asia is a testament to the region’s increasing importance within the digital asset landscape. Several Asian countries have been proactive in establishing clear regulatory frameworks for cryptocurrency firms, a sharp contrast to the regulatory uncertainty often seen in other regions, notably the United States. Recently, Hong Kong granted its first licenses to trading platforms under its new crypto regulations, while Singapore’s central bank introduced a regulatory framework for stablecoins.

This regulatory clarity has attracted international players such as U.S-based exchange Gemini, which expanded its presence in the region by opening a hub in Singapore. Maple Finance’s expansion initiative comes on the heels of its recovery from a significant crypto deleveraging event last year. The platform faced challenges following the collapse of FTX, which resulted in the accumulation of distressed loans worth $54 million.

The company is eyeing evolution in a dynamic crypto landscape

In April, Maple Finance introduced a blockchain-based U.S. Treasuries facility, which has garnered $22 million in deposits since its launch. The platform also established a direct lending arm aimed at supporting web3 firms in June. Although the total value locked on Maple has decreased from its peak of $938 million in May last year to $88 million, according to DefiLlama, the platform’s commitment to innovation and expansion remains evident.

In a separate development, Maple Finance recently announced its renewed use of the Solana (SOL) network after an eight-month hiatus. This move signifies the platform’s commitment to broadening its stablecoin cash management offerings to the network. Solana-based protocols including Solend, Drift, and UXD Protocol have already committed to deposit funds on the network, reinforcing Maple’s return to Solana.

Previously limited to the Ethereum network, Maple Finance’s facility enables accredited investors, companies, and decentralized autonomous organizations (DAOs) to securely park their stablecoin assets in one-month U.S. Treasury bills, yielding an annual return of 4-5%. This initiative aligns with the company’s pursuit of providing attractive yield-generating options to its user base. The platform’s stablecoin cash management offering on Solana has attracted $22 million in deposits since its launch in April.

Maple Finance’s decision to expand into the APAC region reflects the growing global interest in digital assets and decentralized finance. With its innovative approach to credit and lending in the crypto space, Maple Finance is poised to contribute significantly to the evolution of the financial landscape, particularly in a region where regulatory clarity and technological advancements are driving digital innovation.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Maple Finance announces Asia expansion after successful investment round

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月24日 05:17
Next 2023年8月24日 06:08

Related articles

  • Bitmain’s upcoming ASIC miner sparks frenzy

    TL;DR Breakdown Bitmain’s latest update on its ASIC miner has sparked a lot of discussion in the Monero community. Community reaction and discussions on ASIC resistance. Description Cryptocurrency mining rig manufacturer Bitmain has announced its upcoming release of a specialized machine designed for mining the digital currency Monero (XMR). The newly unveiled mining rig, named the Antminer X5, touts an impressive hashrate of 212 kilohash per second (KH/s). Bitmain claims that this rig is the first of its kind, marking it as … Read more Cryptocurrency mining rig manufacturer Bitmain has announced its upcoming release of a specialized machine designed for mining the digital currency Monero (XMR). The newly unveiled mining rig, named the Antminer X5, touts an impressive hashrate of 212 kilohash per second (KH/s). Bitmain claims that this rig is the first of its kind, marking it as a “professional XMR miner.” Bitmain teases new first-of-its-kind features Bitmain has revealed that the sales for the Antminer X5 will commence on September 4. While the exact price of the rig remains undisclosed, Bitmain has involved its social media followers…

    Article 2023年8月29日

  • Judge Rejects FTX’s Inclusion in Genesis Crypto Bankruptcy Talks

    TL;DR Breakdown FTX’s request to join confidential mediation in the Genesis bankruptcy case is denied by US Bankruptcy Judge Sean Lane. Genesis Global Holdco is given additional time to present a revised payout proposal, while also denying the exchange’s claim of $3.9 billion. In a significant development in the ongoing Genesis Global Holdco bankruptcy case, US Bankruptcy Judge Sean Lane has ruled against FTX Trading Ltd.’s request to join the confidential mediation sessions. FTX, which is also undergoing bankruptcy proceedings, had claimed that Genesis owed it $3.9 billion. Judge Lane’s decision has granted Genesis, its major creditors, and parent company Digital Currency Group (DCG) additional time to present a revised payout proposal, which would serve as the foundation for a Chapter 11 bankruptcy plan. This article provides an in-depth analysis of the latest court ruling and its implications on the Genesis bankruptcy case. Contents hide 1 Judge Rejects FTX’s Participation in Confidential Mediation 2 Additional Time Granted for Revised Payout Proposal 3 Genesis Denies FTX’s Claim and Requests Estimation Process 4 Conclusion Judge Rejects FTX’s Participation in Confidential Mediation US…

    Article 2023年6月11日

  • Chinese business travelers embrace cryptocurrency for air tickets

    TL;DR Breakdown China’s digital yuan partnership with China Merchants Bank and Civil Aviation Administration revolutionizes air travel. People’s Bank of China aims for the widespread adoption of digital yuan in public transportation and logistics. Momentum builds as digital yuan payments are integrated into railway, metro, and bus systems. Description The digital yuan, China’s central bank-issued cryptocurrency, has taken to the skies with its latest partnership. A strategic alliance between China Merchants Bank and the Civil Aviation Administration has given birth to the cutting-edge e-CNY platform, catering to the needs of both business travelers and jetsetters alike. Launched on July 18 with much fanfare, the … Read more The digital yuan, China’s central bank-issued cryptocurrency, has taken to the skies with its latest partnership. A strategic alliance between China Merchants Bank and the Civil Aviation Administration has given birth to the cutting-edge e-CNY platform, catering to the needs of both business travelers and jetsetters alike. Launched on July 18 with much fanfare, the platform has opened up exciting possibilities for Chinese business travelers. Notably, it enables them to seamlessly purchase plane…

    Article 2023年7月22日

  • PUMA, Roc Nation, and NFT’s Legitimate unite to release a sneaker collection

    TL;DR Breakdown Legitimate NFT company has teamed up with PUMA and entertainment agency Roc Nation to launch a sneaker collection as it celebrates the 50th hip-hop anniversary. The PUMA x Roc Nation ‘Mixtape’ collection will be available from PUMA and other retailers.  Through Legitimate, buyers can scan the NFC chip using a smartphone to receive an NFT. The NFT grants access to a digital portal featuring weekly mixtapes, behind-the-scenes artist content, and unreleased recordings from Roc Nation artists. Description Legitimate, a non-fungible token (NFT) company, has teamed up with footwear titan PUMA and entertainment agency Roc Nation to launch a sneaker collection. The collection, entitled “Evolution of the Mixtape,” celebrates the 50th anniversary of hip-hop and grants buyers access to exclusive music content curated by Roc Nation. Step up your sneaker game with the … Read more Legitimate, a non-fungible token (NFT) company, has teamed up with footwear titan PUMA and entertainment agency Roc Nation to launch a sneaker collection. The collection, entitled “Evolution of the Mixtape,” celebrates the 50th anniversary of hip-hop and grants buyers access to exclusive music…

    Article 2023年7月15日

  • US Treasury Secretary Janet Yellen anticipates slow decline in Dollar’s reserve currency status

    TL;DR Breakdown U.S. Treasury Secretary Janet Yellen believes the dollar’s global reserve share will gradually decline, but no alternatives can fully replace it due to unique strengths like deep financial markets and strong rule of law. Yellen acknowledged that U.S. sanctions have prompted countries to explore currency alternatives, but no meaningful workaround to the dollar as a reserve currency exists. While diversification in reserve assets is expected over time, the dollar remains the dominant reserve currency, and meaningful alternatives are unlikely despite de-dollarization efforts. US Treasury Secretary Janet Yellen, during a House Financial Services Committee hearing, stated that while the US should expect a gradual decline in the dollar’s share of global reserves, there are no viable alternatives that can completely replace the greenback. Yellen highlighted the fundamental reasons behind the dollar’s prominent role in the global financial system, such as deep and liquid financial markets, a strong rule of law, and the absence of capital controls. She acknowledged that the use of US sanctions has prompted some countries to seek currency alternatives but stressed the difficulty of finding a…

    Article 2023年6月17日
TOP