Maven 11 launch a new pool on Maple Finance, lending wETH to crypto market-makers. The second pool from the Amsterdam-based crypto asset investment firm opens to meet customer demand and market conditions. The team has been hitting impressive figures, their USDC denominated pool originated $283M in loans in just 8 months, and launch this pool off the back of a record breaking February when $68M in loans were issued.
“Maven 11’s lending business and partnership with Maple deepens with the launch of our second lending pool to crypto blue-chips. Our partners have been requesting a wETH pool for a while now and we’ve worked closely with the Maple team to extend lines of credit in this asset. The pool is targeting APYs of 8%-10% inclusive of MPL rewards, which in today's climate should attract significant wETH deposits. We believe this is an investment opportunity for institutions, DAOs and individuals.” Balder Bomans, Managing Partner & CIO of Maven 11.
At launch, Maven 11 has already issued loans totalling $23M to capital-intensive market-makers Amber Group, Orthogonal Trading, Auros, Bastion Trading. Existing borrowers on Maple that have passed the KYC process, built a credit history on the platform and relationship with Maven 11.
There are borrowers on a waitlist, and from Wednesday 9th March, 9am EST the pool is open to deposits of wETH up to a maximum of $2M, deposits will open again in 2 weeks time. Maven 11 welcome deposits from individuals and institutions with idle reserves, seeking stable-yields, including institutional investors and DAO treasuries. Deposits can be made on the Maple WebApp.
The pool will grow over the year, and given borrower appetite has the potential to follow the 10x growth seen with their first Maple lending business. In July 2021, Maven 11 opened a USDC denominated liquidity pool at $19M, which has issued loans totalling $283M at the time of writing.
“Maven 11 were an early pool delegate and their success is our success. Off the back of a record February, where $68M in loans were issued, the team show no signs of slowing down, and continue to grow a strong and sticky book of business through diligence and expertise. By broadening their offering with a new asset class, we deepen our partnership and expand the digital economy together.” shares Sid Powell, CEO and Co-Founder, Maple Finance.
The Pool Delegate model is unique to Maple Finance. Pool Delegates are sophisticated underwriters often a fund manager, asset manager, or a team with fixed income or banking experience. Pool Delegates build their lending business using Maple’s tooling and smart contract kit. Loan management, origination and real-time performance reporting, without connection to banks, payment processing networks or other gatekeepers.
Now operating two pools, Maven 11 has in place an experienced team from premier European financial institutions with backgrounds in leveraged finance, securities trading and auditing. You can check the Maven 11 team profiles here, and if you’re interested in joining their all-star cast, they’re currently hiring a Junior Credit Analyst.
About Maven 11
Maven 11 is a Cayman blockchain and crypto asset investment firm that invests in and supports it’s ventures globally. It forms part of the Amsterdam-founded Maven 11 Capital group. The teams Maven 11 partners with are on a rigorous quest to solve most exciting problems and make the necessary shift towards a decentralised future. Maven 11 is registered and fully compliant with local regulators and takes pride in an ethical approach to investing. More information on www.maven11.com.
About Maple Finance
Maple Finance is an institutional capital marketplace powered by blockchain technology. Developed to solve the inefficiencies seen in traditional systems, Maple brings the corporate credit market 100% on-chain using smart contracts to remove time and cost frictions, and blockchains for immutability. The economic potential of the future will be fulfilled by harnessing global capital and applying it to areas of greatest opportunity. For more information visit: www.maple.finance