Avalon Labs, issuer Bitcoin (BTC)USDA-backed stablecoin has secured $10 million in a Sequence A financing spherical, which has attracted a number of enterprise capital companies.
“We’re identified for a lot of issues however in the present day isn’t about us. The Avalon Finance staff is honored to announce the shut of our $10M Sequence A spherical.” Posted On X.
Avalon Labs,
omnichain liquidity for $BTCFi
Bitcoin Cash – $USDa
The most important credit score market in $BTC EcosystemWe’re identified for a lot of issues however in the present day isn’t about us. staff of @avalonfinance_ We’re honored to announce the closing of our 10M Sequence A spherical, led by… pic.twitter.com/22TPMDE6iu
– Avalon Labs 🎩🔮 (@avalonfinance_) 23 December 2024
Enterprise capital agency Framework Ventures led the funding spherical, which attracted participation from UXTO Administration, Prestoby Framework Ventures and Kinetic Capital.
In an announcement, the Avalon Labs staff mentioned the challenge will use the funding help to broaden its BTC decentralized finance ecosystem.
On this case, Avalon goals to evolve Bitcoin from merely a digital retailer of worth into a strong monetary instrument.
“We’re main the way forward for Bitcoin-backed monetary options, creating the primary complete ecosystem that unlocks the true potential of the world’s main cryptocurrency,” the Avalon staff wrote.
Avalon’s USDA stablecoin permits customers to make use of DeFi by collateralizing it on Bitcoin. The platform’s lending fee is ready at 8%, permitting USDA holders to entry liquidity whereas sustaining their BTC positions.
The USDA ranks Avalon’s prime collateralized mortgage place (CDP), the second largest CDP per yr. Data from DeFiLlamaIts TVL reached $700 million in early December and its rivals embrace MakerDAO’s DAI and Liquidity
