Kraken has expanded its institutional lending business through a new crypto-backed financing facility created with blockchain asset manager Maple.
The partnership introduces a lending structure commonly used in traditional finance into the digital asset market, allowing institutions to access crypto-backed loans through a more structured system.
According to the companies, the new facility will support Kraken’s over-the-counter lending operations through a bankruptcy-remote special purpose vehicle (SPV) funded with USDC.
Under the arrangement, Maple will provide senior financing, while Kraken will continue to manage the loans and maintain an economic interest in the facility. This structure allows Kraken to increase its lending capacity without using additional balance-sheet capital.
Unlike traditional one-to-one crypto lending agreements, the SPV model separates the financing vehicle from the borrower’s balance sheet. This approach is commonly used in traditional credit markets to provide additional protection and clearer risk management.
Kraken affiliates will handle loan creation, sales, and servicing, while borrowers’ Bitcoin and Ether collateral will be held by Kraken Financial, a Wyoming-chartered financial institution. Independent administrator Zaria will oversee the operation of the SPV.
The companies did not reveal the total size of the facility or the specific financial terms.
Maple said the structure provides institutional lenders with senior exposure to overcollateralized crypto loans backed by Bitcoin and Ether. The company also highlighted that blockchain technology allows investors to monitor collateral and loan performance more transparently.
The move comes as tokenized credit markets continue to grow rapidly.
Data from RWA.xyz shows that tokenized credit has expanded to more than $6.2 billion in value, compared with around $1.87 billion a year earlier. Maple has become one of the largest platforms in this sector, managing approximately $1.4 billion in tokenized credit assets.
The growth of structured crypto lending follows a difficult period for the industry after several major lending platforms collapsed in 2022, including Celsius and BlockFi. Since then, institutional lenders have placed greater focus on stronger collateral systems, legal protections, and transparent lending structures.
The Kraken-Maple partnership is part of a wider trend toward blockchain-based credit products.
Other companies have also been building similar solutions. Ripple recently secured a major credit facility from investment manager Neuberger Berman to support institutional lending services. Meanwhile, companies across the crypto industry are exploring stablecoin lending, Bitcoin-backed credit products, and fixed-rate on-chain lending platforms.
However, the sector still faces challenges. Some blockchain lending projects have struggled with security issues and financial problems, showing that risk management remains a major concern.
Despite these challenges, analysts believe tokenized credit could become a major financial market. Bernstein has estimated that blockchain-based credit products could eventually address a market worth around $4 trillion, including areas such as mortgages, auto loans, and small-business financing.
Kraken’s new facility with Maple shows how crypto lending is moving toward more traditional financial structures, with greater focus on institutional participation, transparency, and risk controls.
