Crypto exchange Kraken and onchain asset manager Maple have jointly launched an onchain warehouse financing facility for crypto-backed loans, applying a structured credit model drawn from traditional finance to institutional digital asset lending.
How the Facility Works
The facility funds Kraken’s over-the-counter lending business through a bankruptcy-remote special purpose vehicle (SPV) using USDC-denominated financing. Unlike conventional bilateral crypto loans, the structure routes transactions through the SPV, with Maple providing senior financing while Kraken retains a stake in the deal. The arrangement is designed to let Kraken grow its institutional lending book without committing additional balance-sheet capital.
Institutional lenders gain access to senior, overcollateralized exposure backed by Bitcoin and Ether, with collateral and loan performance trackable onchain in real time. Bankruptcy-remote SPVs are widely used in commercial mortgage-backed securities (CMBS) markets and remove the borrower’s ability to file for bankruptcy protection.
Key Roles in the Structure
Kraken affiliates will originate, sell, and service the loans while retaining a position in the transaction. Kraken Financial, a Wyoming-chartered Special Purpose Depository Institution, will hold the underlying collateral, while independent SPV administrator Zaria oversees facility administration. The companies did not disclose the facility’s size or financial terms.
Tokenized Credit Context
The announcement arrives as tokenized credit has expanded sharply. According to RWA.xyz data, the sector has grown to more than $6.2 billion in distributed value, up from roughly $1.87 billion a year ago. Maple is currently the largest platform in that space, holding approximately $1.4 billion in tokenized credit assets.
The broader crypto lending market continues to rebuild after the 2022 collapse that took down lenders including Celsius and BlockFi. In May, Ripple secured a $200 million credit facility from investment manager Neuberger Berman to expand its institutional prime brokerage lending capacity, targeting hedge funds and trading firms. That same month, analysts at Bernstein projected tokenized credit could represent a $4 trillion addressable market as blockchain-based lending moves into sectors such as mortgages, auto loans, and small-business lending.
DeFi Struggles Contrast With Institutional Growth
Not all corners of onchain lending are recovering. Lending protocol Radiant Capital announced plans to wind down this month after failing to recover from a $50 million exploit in 2024, citing an inability to replace lost funds or attract new capital. The contrast underscores a growing divergence between institutional-grade structured credit and decentralized lending protocols still working through security and liquidity challenges.
