Avalon Labs, the issuer of Bitcoin (BTC)-backed stablecoin USDa, has secured $10 million in a Series A financing round that attracted a number of enterprise capital corporations.
“We are known for many things but today is not about us. The team from Avalon Finance is honored to announce the closing of our 10M Series A Round,” the platform posted on X.
Avalon Labs,
the Omnichain Liquidity for $BTCFi
the Bitcoin Money – $USDa
the most important lending market in the $BTC ecosystemWe are recognized for a lot of issues however right this moment isn’t about us. The crew from @avalonfinance_ is honored to announce the closing of our 10M Series A Round, led by… pic.twitter.com/22TPMDE6iu
— Avalon Labs 🎩🔮 (@avalonfinance_) December 23, 2024
Venture capital agency Framework Ventures led the funding round, which attracted the participation of UXTO Management, Prestoby Framework Ventures and Kenetic Capital.
In an announcement, the Avalon Labs crew mentioned the mission will use the funding help to increase its BTC decentralized finance ecosystem.
In this case, Avalon’s intention is to evolve Bitcoin from being only a digital retailer of worth to a sturdy monetary instrument.
“We are pioneering the future of Bitcoin-backed financial solutions, creating the first comprehensive ecosystem that unlocks the true potential of the world’s leading cryptocurrency” the Avalon crew wrote.
Avalon’s USDa stablecoin permits customers to faucet into DeFi on Bitcoin by collateralizing it. The platform’s borrowing price is fastened at 8%, which permits USDa holders to entry liquidity whereas preserving their BTC positions.
USDa, Avalon’s flagship collateralized debt place (CDP), ranks because the second-largest CDP per data from DeFiLlama. Its TVL hit $700 million in early December and its rivals embrace MakerDAO’s DAI and Liquity
