By
Andy Watson
March 8th, 2024
In addition to exploring Asian and Latin American countries, Maple said the funding will help form new strategic partnerships.
Blockchain-based credit marketplace Maple Finance has closed a $5 million strategic funding round led by BlockTower Capital and Tioga Capital. According to an announcement on Tuesday, the financial round welcomed participants from both new and existing investors, including Cherry Ventures, GSR Ventures, Veris Ventures, Maven 11, and Framework Ventures. Maple Finance said the capital injection would enable it to proceed with the expansion of its business offerings to the Asia-Pacific (APAC) region as part of its growth strategy. Additionally, Maple plans to explore Latin American (LATAM) countries.
Maple Embarks on Strategic Expansion
Sidney Powell, the company’s co-founder and chief executive officer, said Maple is well-positioned to scale its technology and establish partnerships that facilitate compliant lending and borrowing adoption across key Asian markets, such as Singapore, Japan, Hong Kong, and Korea.
“Maple has always been driven by the vision of establishing the landscape of institutional on-chain capital markets. This funding round marks a pivotal moment in our evolution as we embark on a strategic expansion,” said Powell.
Maple’s decision to focus on the APAC region reflects the increasing importance of this region in the crypto ecosystem. Asian countries have taken proactive steps to establish clear regulations for crypto firms, a trend that contrasts with the regulatory uncertainty faced in the United States.
Notably, Hong Kong has recently granted licenses to trading platforms under its new crypto regulatory framework, while Singapore’s central bank has released guidelines for stablecoins. The Asia-Pacific region is becoming a hotspot for crypto-related activities, with even US-based exchanges like Gemini expanding their presence in the area.
Maple’s Plans to Form New Partnerships
In addition to exploring Asian and Latin American countries, Maple said the funding will help form new strategic partnerships with other protocols, financial service providers, and credit experts while advancing its decentralized technology.
With this growth roadmap, the company plans to become a dynamic and inclusive marketplace for debt capital where companies worldwide can connect to credit opportunities. The company also plans to make its platform adoptable by other financial institutions, such as banks and traditional lenders.
Meanwhile, Maple has come a long way since its official launch in 2021. The company said it has experienced continuous growth this year.
In June, Maple expanded its services to include direct lending hoping to fill the gaps of BlockFi, and Celsius, which were forced into bankruptcy during the 2022 crypto winter. The product is designed to issue loans to Web 3-focused companies.
Earlier this year, in April, the company introduced its Cash Management Solution, a US Treasuries facility explicitly designed for on-chain allocators to enable them to access low-risk-yield opportunities outside the chain.
So far, the company has executed $22 million in deposits on the cash management solution.