Avalon Labs, the issuer of Bitcoin (BTC)-backed stablecoin USDa, has secured $10 million in a Sequence A financing spherical that attracted a number of enterprise capital companies.
“We’re recognized for a lot of issues however right now will not be about us. The crew from Avalon Finance is honored to announce the closing of our 10M Sequence A Spherical,” the platform posted on X.
Avalon Labs,
the Omnichain Liquidity for $BTCFi
the Bitcoin Cash – $USDa
the most important lending market within the $BTC ecosystemWe’re recognized for a lot of issues however right now will not be about us. The crew from @avalonfinance_ is honored to announce the closing of our 10M Sequence A Spherical, led by… pic.twitter.com/22TPMDE6iu
— Avalon Labs 🎩🔮 (@avalonfinance_) December 23, 2024
Enterprise capital agency Framework Ventures led the funding spherical, which attracted the participation of UXTO Administration, Prestoby Framework Ventures and Kenetic Capital.
In an announcement, the Avalon Labs crew stated the challenge will use the funding assist to increase its BTC decentralized finance ecosystem.
On this case, Avalon’s goal is to evolve Bitcoin from being only a digital retailer of worth to a strong monetary instrument.
“We’re pioneering 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 crew wrote.
Avalon’s USDa stablecoin permits customers to faucet into DeFi on Bitcoin by collateralizing it. The platform’s borrowing fee is mounted at 8%, which permits USDa holders to entry liquidity whereas maintaining their BTC positions.
USDa, Avalon’s flagship collateralized debt place (CDP), ranks because the second-largest CDP per knowledge from DeFiLlama. Its TVL hit $700 million in early December and its rivals embody MakerDAO’s DAI and Liquity
