Genesis, one of the crypto market's biggest lending and trading firms, is ramping up its decentralized finance footprint by contributing $75 million to Maple's Solana-based lending platform.
Genesis' contribution to Maple Solana will make it the first centralized trading firm to serve as a pool delegate for its Solana-based platform. Maple launched its Solana platform earlier this year, having also run a lending platform on Ethereum as well.
To be sure, the $75 million represents a small fraction of Genesis' total loan book, which stood above $44 billion as of March 2022. Through its subsidiary Genesis Capital, the firm originates tens of billions of dollars worth of crypto loans per month. Unlike Wall Street, the barriers to entry to participate in the Maple ecosystem are not as onerous, allowing any"sophisticated" underwriter to form a pool. Borrowers on the platform go through a due diligence process that is overseen by pool delegates in order to mitigate credit risks.
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