Kraken, Maple launch onchain warehouse facility for crypto-backed institutional loans

Kraken and Maple launched an onchain warehouse financing facility to support Kraken’s institutional crypto lending business, using a bankruptcy-remote SPV and USDC-denominated financing. The structure adapts a traditional warehouse lending model to blockchain-based credit, enabling Kraken to expand OTC lending without adding balance-sheet capital. Maple provides senior financing while Kraken retains an economic stake and continues to originate, sell, and service loans. The facility is backed by Bitcoin and Ether collateral and is part of a broader expansion in tokenized credit, which has grown to over $6.2 billion from $1.87 billion a year ago. The move underscores continued institutional adoption of onchain credit infrastructure, even as some DeFi lenders remain under pressure after prior market failures and hacks.