Maple co-founder Sidney Powell says Maple is "giving you the tooling to run a lending business online" a la e-commerce giant Shopify's model.
Last week Maple Finance, a credit-facility-as-a-service platform, announced that it had spun up a new $300 million lending facility for troubled Bitcoin miners.
This means all those crypto miners struggling to turn a profit in the current bear market now have a lending hand. For that service, though, it’ll cost miners up to 20% to borrow funds to sustain their operations.
Sidney Powell, the firm’s co-founder and CEO, told Decrypt at Messari Mainnet 2022 that miners are able to stomach this rate because funding options are limited and traditional banks have rarely been interested in doing business with crypto-native firms.
Powell calls this specific client profile the “middle market,” and it’s Maple’s bread and butter. He defined it as such: “Any company that's now beyond venture capital raising, but they're still too small. They're not...
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