M-11 has introduced an upgraded credit underwriting process and appointed a new head of credit, following $36 million of loan defaults on lending protocol Maple Finance after FTX’s November collapse. M11 Credit has reopened lending and is raising fresh capital for its new crypto lending pool on the blockchain-based credit marketplace. It has also upgraded its risk management and credit underwriting process, according to a Maple blog post.
M11 Credit tweeted on Wednesday that the upcoming volatility in the crypto market and scarcity of lending after the blow-up of multiple centralized lenders present an opportunity for the firm.
“We anticipate that the upcoming Ethereum Shanghai upgrade, persisting regulatory pressure, and prevailing macro risks may elevate volatility in the cryptocurrency market, presenting opportunities for market-neutral trading firms and driving demand for trading capital.”
“M11 Credit is once again open for lending and we’re excited to announce that we’re raising funds for our KYC USDC pool on @maplefinance. The borrower will be a highly reputable and creditworthy market-neutral trading firm that we’ve carefully vetted,” the post read. The new M11 Credit lending pool is a permissioned USD coin (USDC) stablecoin pool, and liquidity providers need to go through know-your-customer (KYC) checks to invest.
