Celsius Launches into DeFi With $30M wETH Lending Pool on Maple Finance

Celsius Launches into DeFi

Celsius has unveiled a $30 million wETH lending pool on Maple Finance targeting institutional clients who are aiming to benefit from the DeFi space.

The digital asset lending protocol would leverage Maple’s smart contracts and blockchain network in deploying the crypto-focused lending service.

Other pool delegates collaborating with Maple Finance include BlockTower, Maven 11, Alameda Research, and Orthogonal trading.

Wrapped Ether is expected to augment the trading of Circle’s USDC to enable investors to use the assets in multiple trading aspects, including lending, staking, and borrowing.

Maple Finance Chief Executive Officer, Sidney Powell, says that institutions can borrow directly from the Celsius and where the borrowers should pass Celsius KYC processes.

The firm notes that the original syndicated credit facility extended to Alameda Research last year has surpassed $100 million, with FTX being the sole borrow in the transaction.

The announcement comes as more well-established banks increase participation in blockchain-based syndicated loans, including BNP Paribas and ING.

Source: Cointelegraph

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