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DeFi App Maple Tightens Lending Standards After Crypto Shakeout

  • Borrowers must file audited accounts and conduct extra checks
  • Maple has had one $10 million default so far, CEO Powell says

Decentralized finance app Maple Finance has introduced tougher requirements for borrowers on its platform, moving to reduce counterparty risk after a wave of defaults swept the crypto industry this year. 

Borrowers must now sign legal agreements that include a provision for submitting independently audited financial accounts annually, Chief Executive Officer Sid Powell said in an interview. The also have to submit monthly reports outlining their financial health, including balance sheet information.