Maple and Kraken close onchain warehouse facility deal
25 June 2026 US
Image: AntonKhrupinArt/stock.adobe.com
Maple, an onchain asset manager, and Kraken, a multi-asset trading platform, have closed a deal on an onchain warehouse facility, intended for digital asset-backed loans.
According to the firms, the move is one of the first instances of a fully onchain replication of the structural protections underpinning institutional credit markets, with the facility using the warehouse financing model.
The facility is USD Coin (USDC)-denominated, funding Kraken’s OTC lending programme, with Maple providing senior finance through a dedicated special purpose vehicle (SPV) that is bankruptcy-remote and enables clients to access funding without having to sell their crypto holdings.
In a bid to align transaction incentives, Kraken affiliates act as originator, seller, servicer, and retain a position in the capital structure of the onchain warehouse, with Kraken Financial, a regulated qualified custodian, holding the underlying collateral.
Zaria, an independent SPV administrator, serves as the administrative agent in the transaction.
Kraken will utilise the facility to grow its lending book without having to commit to further balance sheet capital as it expands its institutional product suite across the US, Europe, and Asia.
Maple lenders will be afforded access to senior, overcollateralised yield backed by Bitcoin and Ethereum collateral, with loan performance and collateral balances verifiable onchain in real time.
The firms say that the facility aims to address the growing institutional demand for secured digital asset credit, forgoing the need for bilateral arrangements with “limited structural sophistication”.
Speaking on the initiative, Sidney Powell, CEO and co-founder of Maple, says: “The infrastructure that powers a multi-trillion-dollar asset-backed securities market in traditional finance has never existed onchain, until now.”
Arjun Sethi, co-CEO of Kraken, adds: “By bringing proven credit infrastructure to onchain finance, we can improve capital efficiency, expand access to credit, and unlock greater utility for digital asset holders seeking financing for everyday needs and larger investment opportunities alike.”
According to the firms, the move is one of the first instances of a fully onchain replication of the structural protections underpinning institutional credit markets, with the facility using the warehouse financing model.
The facility is USD Coin (USDC)-denominated, funding Kraken’s OTC lending programme, with Maple providing senior finance through a dedicated special purpose vehicle (SPV) that is bankruptcy-remote and enables clients to access funding without having to sell their crypto holdings.
In a bid to align transaction incentives, Kraken affiliates act as originator, seller, servicer, and retain a position in the capital structure of the onchain warehouse, with Kraken Financial, a regulated qualified custodian, holding the underlying collateral.
Zaria, an independent SPV administrator, serves as the administrative agent in the transaction.
Kraken will utilise the facility to grow its lending book without having to commit to further balance sheet capital as it expands its institutional product suite across the US, Europe, and Asia.
Maple lenders will be afforded access to senior, overcollateralised yield backed by Bitcoin and Ethereum collateral, with loan performance and collateral balances verifiable onchain in real time.
The firms say that the facility aims to address the growing institutional demand for secured digital asset credit, forgoing the need for bilateral arrangements with “limited structural sophistication”.
Speaking on the initiative, Sidney Powell, CEO and co-founder of Maple, says: “The infrastructure that powers a multi-trillion-dollar asset-backed securities market in traditional finance has never existed onchain, until now.”
Arjun Sethi, co-CEO of Kraken, adds: “By bringing proven credit infrastructure to onchain finance, we can improve capital efficiency, expand access to credit, and unlock greater utility for digital asset holders seeking financing for everyday needs and larger investment opportunities alike.”
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