Maven 11, an Amsterdam-based blockchain and digital asset investment firm, announced on Friday that it has launched a ‘Permissioned Pool’ in partnership with Maple Finance, a decentralised corporate credit market.
The initial pool size is $40M (approximately €38.9M) in USD Coin (USDC). The funds come from institutional investors, including crypto-investment platforms Midas, AQRU, and Qredo, the digital asset self-custody solution.
To reiterate, USD Coin is a digital stablecoin pegged to the US dollar.
The Dutch company says it will provide loans to a diversified set of borrowers with a commercial history and track record, including Wintermute and Auros.
“These trading firms have performed well during times of increased market volatility, which makes them a suitable lending partner for allocators looking for uncorrelated market exposure,” says Maple.
Flow Traders, a global market maker, borrows from DeFi for the first time.
Michael Lie, Head of Digital Asset Trading at Flow Traders, says, “This new pool, created by Maven 11, is an exciting opportunity for Flow Traders to expand its footprint within DeFi. At Flow Traders, our focus is to work with partners who are actively contributing to the development of the Digital Asset space. This new pool highlights how Maven 11 innovates in this space. We are looking forward to further building our partnership with them.”
The pool is securely created and managed for security and operating efficiency using Qredo’s decentralised Multi-Party Computation technology, which takes custody of the digital asset on a decentralised network. In addition, Qredo expands the partnership further by lending a sum of $2M into the pool at launch.
How does it work?
The capital on Maple Finance’s platform sits in Lending Pools, each managed by a Pool Delegate, Maven 11.
As a Pool Delegate, Maven 11’s role is to assess the creditworthiness of borrowers, issue and underwrite loans, and manage interest and principal payments.
In addition to the permissioned/KYC pool in USDC, Maven 11 also manages two permissionless pools open to all investors — one denominated in USDC and another in wETH.
Notably, all investors (as well as borrowers) will be whitelisted and need to comply with Maple Finance’s KYC/AML policy, writes the company in the press release.
Maven 11: What you need to know
Founded by a diverse set of serial entrepreneurs, investors, and blockchain builders in 2015, Maven 11 is an Amsterdam-founded blockchain and crypto-asset investment firm that invests in and supports its ventures globally.
Last year, the company raised its second fund, Venture Fund II, at $120M (approx €106.35M) from high net worth individuals with a background in finance and technology, crypto entrepreneurs, family offices, and institutional backers.
Balder Bomans, Chief Investment Officer at Maven 11, says, “Our journey with Maple as an on-chain credit marketplace started with a strong belief in transparency in capital markets. The last few months have further underwritten our bull case of transparent on-chain credit markets. Institutional investors have noticed Maple’s innovation and efficiency, and we are very proud to launch this new pool with a respected institution such as Flow Traders.”
Maple Finance: What you need to know
Maple is an institutional capital market, powered by blockchain tech. The platform provides the infrastructure for credit experts to efficiently manage and scale crypto lending businesses and connect capital from institutional and individual lenders to innovative, blue-chip companies.
Since its launch in May 2021, the Maple platform has originated 170 loans with a total value of $1.5B (approximately €1.4B).
Sidney Powell, Maple CEO & co-founder, says, “The Maple platform transparently shares loan details which has given institutional lenders the confidence to deposit large amounts into Maple, and particularly into the new pool from Maven 11. Maven’s demonstrated expertise has positioned them to take advantage of new market conditions. We look forward to future opportunities as more institutions become aware of the transparency that Maple’s infrastructure offers.”
