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Maple Finance establishes a $300 million financing pool for Bitcoin mining companies.

By Anonymous

Maple Finance establishes a $300 million financing pool for Bitcoin mining companies



A secured debt finance commitment of up to $300 million was made to both public and private Bitcoin mining companies on Tuesday by institutional crypto lending protocol Maple Finance and its delegate Icebreaker Finance. The money is available to qualified entities in Australia and North America who meet the treasury management and power plans standards.

The endeavor, however, aims to provide investors and capital allocators with risk-adjusted returns in the low teen percentage range (up to 13% annually). Accredited investors with certain income and/or net worth requirements in a country are the only ones who are permitted access to the pool. In the United States, this includes, among other requirements, having a pre-tax annual income of over $200,000 ($300,000 with a spouse) or possessing a liquid net worth of over $1 million.

According to information provided by Maple Finance, the underlying loans in the new lending pool would have terms of 12 to 18 months and interest rates as high as 20%. The borrower's material and intellectual property, which may include bitcoin mining equipment, would serve as collateral for the loan. Maple Finance's CEO and co-founder, Sidney Powell, commented on the development as follows: 

"Lenders have retreated as a result of recent market challenges, and conventional funding sources have been slower to support this industry. We are delighted to offer a new funding mechanism to allocate capital where it is most needed. Miners are crucial to the development of the cryptocurrency ecosystem and local economies."

By total loans outstanding, Maple presently controls 50% of the institutional crypto lending market. Since the platform's launch in May 2021, liquidity pools on Maple have issued loans totaling around $1.8 billion as of the time of publication.

Article Credit: CoinTelegraph

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