The Series A financing round was led by Framework Ventures and consisted of contributions from UXTO Management, Presto Labs and Kenetic Capital
Dec 23, 2024, 2:17 p.m. UTC
Avalon Labs, the provider of the BTC-backed stablecoin USDa, has actually raised $10 million to grow its Bitcoin decentralized financing (DeFi) community.
The Series A financing round was led by Framework Ventures and consisted of contributions from UXTO Management, Presto Labs and Kenetic Capital, according to a statement shown CoinDesk on Monday.
Avalon intends to progress BTC from a digital shop of worth to a more active monetary instrument that can serve a variety of various functions.
Users can open the worth saved in their BTC by collateralizing it for USDa it at a repaired interest rate of 8%. The token reached $700 million in overall worth locked (TVL) previously this month.
Together with its stablecoin, Avalon uses bitcoin-backed financing, yield producing cost savings accounts and a charge card.
Stablecoins are a kind of digital token whose worth is pegged to that of another currency, usually the U.S. dollar. Their function is to provide users the choice of safeguarding their funds from volatility connected with cryptocurrencies without needing to eliminate them from the crypto environment completely.
Learn more: Stablecoin Market Cap Hits $200B Milestone, Could Double in 2025 as Adoption Accelerates
Jamie Crawley
Jamie signed up with CoinDesk as a news press reporter in February 2021 after composing commonly about crypto and blockchain for 2 years in other functions. Far from crypto, Jamie runs a lot and enjoys all things sport. He holds percentages of BTC, ETH, ADA and LTC.
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