Maple Finance Expands to Direct Lending Targeting Web3 Firms

Maple Finance, a blockchain-based credit marketplace, is expanding into direct lending to fill the gap left by the collapse of centralized crypto lenders such as BlockFi and Genesis. The firm announced in a press release that its Maple Direct lending desk will begin underwriting and issuing loans to Web3 businesses in July. Sidney Powell, co-founder and CEO of Maple Finance, said the move is a natural extension of what Maple can do as a protocol. Maple Direct will start with over-collateralized loans in USDC and USDT, accepting bitcoin, ether and staked ether as collateral, with loan terms and the loan book visible on Maple's public dashboard.