Maple Finance launches $300M lending pool for Bitcoin mining firms

Maple Finance launches $300M lending pool for Bitcoin mining firms

The institutional lending platform has facilitated $1.8 billion worth of digital currency loans since May 2021.

On Tuesday, institutional crypto lending protocol Maple Finance and its delegate Icebreaker Finance announced that they would provide up to $300 million worth of secured debt financing to public and private Bitcoin mining firms. Qualified entities meeting treasury management and power strategies standards located throughout North America, as well as those in Australia, can apply for funding.

On the other hand, the venture seeks to deliver risk-adjusted returns in the low teen percentages (up to 13% per annum) to investors and capital allocators. The pool is only open to accredited investors who meet substantial income and/or net worth qualifications within a jurisdiction. In the United Stat, among many criteria, this means having an annual pre-tax income of over $200,000 ($300,000 with a spouse) or having a liquid net worth of more than $1 million.

As told by Maple Finance, underlying loans in the new lending pool would last for 12 to 18 months with interest rates of up to 20%. The loan would be secured by physical and intellectual assets owned by the borrower and could include Bitcoin mining rigs. Regarding the development, Sidney Powell, CEO and co-founder of Maple Finance, stated:

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