Credit platform Maple Finance, which came to the fore after BlockFi and Genesis bankruptcies, secured an investment of 5 million dollars. Altcoin prices are moving slightly after the announcement.
Maple Finance raises $5 million in funding
Cherry Ventures, The Spartan Group, GSR Ventures and Veris Ventures participated in the financing led by BlockTower Capital and Tioga Capital. The $5 million funding will help the platform expand into the Asian region. The altcoin project has previously reported that it is now turning its attention to the Asian region. CEO Sidney Powell said in a statement:
This round of funding marks a pivotal moment in our evolution as we embark on a strategic expansion in the APAC (Asia-Pacific) region as part of a comprehensive growth plan for Maple. The network is poised to further scale its technology and establish partnerships that enable harmonious and seamless borrowing and borrowing adoption in the Asia Pacific region, particularly in Singapore, Japan, Hong Kong and Korea.
Pleased to share that Maple has closed a $5 million strategic funding round, led by @BlockTower and @TiogaCapital.
The round welcomes @CherryVentures @TheSpartanGroup @GSRVentures and @verisventures, and received continued commitments from @Maven11Capital and @hiFramework. pic.twitter.com/jbk4DqlD9S
— Maple (@maplefinance) August 22, 2023
By turning to the Asian market, Maple reflects the region’s growing importance for the cryptocurrency and altcoin industry. Asian countries are taking active steps to make clear regulations for crypto companies to serve consumers. This contrasts with regulatory uncertainty in the US.
Meanwhile, Hong Kong has recently started issuing licenses to trading platforms under new crypto regulations. Last week, Singapore’s central bank released a framework with regulations for stablecoins. US-based exchange Gemini continued its expansion in the region by opening a new headquarters in Singapore at the beginning of summer.
Altcoin prices react positively to investment news
Ranking 440th by market capitalization, Maple (MPL) gained around 1.5% after the announcement. The slight rise helps the altcoin price maintain its daily momentum. MPL is currently trading in the $4.94 region without facing correction.
Maple has started to recover after a massive crypto leverage loss late the previous year. It started to take steps towards Asia at a time when $ 54 million worth of distressed loans were accumulating on the platform.
The Maple protocol launched its Blockchain-based US Treasury bond facility last April. Since then, $22 million deposits have been withdrawn. Additionally, in June, Maple launched a direct lending division targeting Web3 firms. According to DefiLlama data, the total value locked in the Maple platform has dropped from a peak of $938 million in May 2022 to $88 million today.
Maple Finance returns to Solana
Maple also announced on Monday that it has resumed its Solana (SOL) network after eight months. The altcoin project also reported that it is expanding its stablecoin cash management offering to the network. As Cryptokoin.com reported, Maple became widespread with its new platform after BlockFi and Genesis bankruptcies.
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