Crypto asset manager and ETF provider Bitwise has made its first allocation into decentralized finance (DeFi) through a partnership with on-chain credit specialist Maple Finance, the companies said on Thursday.
Bitwise’s allocation, the size of which was not disclosed, is leveraging a Maple bitcoin-backed lending product, and represents a significant milestone in the adoption of on-chain credit by institutional allocators, said Maple CEO Sid Powell. Maple’s BTC backed lending product is available to accredited investors in the U.S.
As digital versions of real world assets become a normal component of traditional finance, firms are looking beyond things like tokenized Treasury Bills, particularly as interest rates have been dropping while DeFi yields are seeing a resurgence.
Bitwise is a big believer in the future of asset management moving on-chain, Powell said, where products are transparent and firms can find opportunities that don’t exist in traditional finance.
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