Maple and Kraken close on-chain warehouse facility for digital asset-backed loans

Maple, an on-chain asset manager, and Kraken, a multi-asset trading platform, announced the closing of a USDC-denominated on-chain warehouse facility for digital asset-backed loans.
The facility replicates structural protections from traditional institutional credit markets in a fully on-chain environment, with Maple providing senior financing through a bankruptcy-remote SPV.
Kraken affiliates act as originator, seller, servicer, and retain capital positions, while Kraken Financial holds collateral as a regulated custodian, and Zaria serves as the administrative agent.
The facility enables Kraken to scale its lending book efficiently without additional balance-sheet capital and offers Maple lenders access to senior, overcollateralized yield backed by BTC and ETH collateral.
This marks the first on-chain application of warehouse financing, a credit model foundational to traditional markets like auto loans and mortgages.
The facility aims to improve capital efficiency, expand credit access, and unlock greater utility for digital asset holders by bringing proven credit infrastructure to on-chain finance.