Avalon Labs raises $10m in series A round


Japan’s Metaplanet buys $7M Bitcoin

Avalon Labs, the issuer of Bitcoin (BTC)-backed stablecoin USDa, has secured $10 million in a Collection A financing spherical that attracted a number of enterprise capital corporations.

“We’re recognized for a lot of issues however right this moment just isn’t about us. The workforce from Avalon Finance is honored to announce the closing of our 10M Collection A Spherical,” the platform posted on X.

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 workforce stated the challenge will use the funding help to increase its BTC decentralized finance ecosystem.

On this case, Avalon’s purpose is to evolve Bitcoin from being only a digital retailer of worth to a sturdy 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 workforce 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 protecting 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





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