Kraken Turns to Maple to Power New Onchain Crypto Lending Facility

TLDR

• Kraken is working with Maple to build an onchain warehouse facility for digital asset-backed loans.
• The facility will support Kraken’s OTC lending program for institutional and wealthy crypto clients.
• Clients can borrow USDC by posting BTC, ETH, and other crypto assets as collateral.
• Maple will provide senior financing through a bankruptcy-remote SPV structure.
• Kraken will act as loan originator, seller, servicer, and junior lender with a first-loss position.

Kraken is expanding its OTC lending program through an onchain warehouse facility built with Maple. The structure will support asset-backed loans for institutional clients and wealthy users. It lets borrowers access USDC without selling BTC, ETH, or other crypto collateral.

Kraken Expands OTC Lending With Maple

Kraken will use the facility to fund loans within its over-the-counter lending desk. Clients can pledge crypto assets and receive USDC liquidity.

Maple will provide senior financing through a bankruptcy-remote special purpose vehicle. The structure aims to protect assets if Maple or Kraken faces business stress.

Kraken will originate, sell, and service the loans there. It will also act as a junior lender and take the first-loss position.

That setup places Kraken behind Maple lenders. Therefore, Maple lenders receive senior exposure to overcollateralized crypto loans.

Kraken Financial, its Wyoming-chartered Special Purpose Depository Institution, will custody the collateral. Zaria will serve as the SPV administrator and administrative agent.

Maple said the facility adapts asset-backed securities infrastructure for asset credit. The model resembles warehouse lines used for auto loans and mortgages.

“The infrastructure that powers a multi-trillion-dollar ABS market in traditional finance has never existed onchain, until now,” Maple CEO Sidney Powell said.

BTC and ETH Collateral Back Senior Yield Product

The warehouse will support Kraken’s lending clients who want liquidity against crypto holdings. The program targets institutions and wealthy clients through its OTC channel.

Kraken co-CEO Arjun Sethi said clients want tools used across traditional credit markets. “This facility enables institutions and crypto holders to access liquidity without selling their assets,” he said.

Maple lenders will gain access to senior, overcollateralized yield through the facility. The collateral will include BTC and ETH balances tied to borrower loans.

The arrangement will also let participants verify collateral balances and loan performance onchain. That design gives lenders real-time access to key facility data.

Maple, founded in 2019, operates an onchain asset management and institutional lending platform. Its products include institutional lending pools and syrupUSDC for retail access.

Kraken has offered OTC lending for several years. Earlier this year, the exchange launched Flexline, a crypto-secured lending and borrowing service.

Kraken parent Payward filed a confidential S-1 with the SEC in November. The company had targeted Q1 2026, but it has not provided an updated date. Late last year, Kraken raised $800 million across two tranches at a $20 billion valuation.

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