Maple Finance, a blockchain-based credit marketplace, has switched its attention to Asia and plans to expand there with a $5 million financing round, the company announced on Tuesday.
According to a news statement, BlockTower Capital and Tioga Capital led the funding round, which also included Cherry Ventures, The Spartan Group, GSR Ventures, and Veris Ventures. Previous investors Maven 11 and Framework Ventures also contributed money.
“This funding round marks a pivotal moment in our evolution as we embark on a strategic expansion into the APAC (Asia-Pacific) region as part of a comprehensive growth plan for Maple,” Sidney Powell, CEO of Maple, said in a statement. “The network is poised to further scale its technology and forge partnerships that enable compliant and seamless lending and borrowing adoption across the APAC region, specifically in Singapore, Japan, Hong Kong and Korea,” he said.
Maple’s concentration on Asia demonstrates the region’s growing relevance to the digital asset business. Asian nations have taken the lead in establishing clear guidelines for cryptocurrency enterprises to serve customers, in sharp contrast to the regulatory uncertainties in the United States. Hong Kong recently granted the first trading platform licences under the new crypto system, and Singapore’s central bank issued a legal framework for stablecoins last week. Gemini, a US-based exchange, entered into the area earlier this summer by opening a new hub in Singapore.