What to know:
- Avalon Labs, the issuer of the BTC-backed stablecoin USDa, has raised $10 million to grow its Bitcoin DeFi ecosystem.
- Avalon aims to evolve BTC from a digital store of value to a more active financial instrument that can serve a range of different purposes.
- Users can unlock the value stored in their BTC by collateralizing it for USDa at a fixed borrowing rate of 8%.
As a seasoned analyst with a decade of experience in the ever-evolving world of cryptocurrencies and decentralized finance (DeFi), I find Avalon Labs’ recent $10 million funding round to be an exciting development. The goal to transform Bitcoin from a digital store of value into a versatile financial instrument is not only innovative but also aligns with the broader trend of increasing utility within the crypto space.
Avalon Labs, responsible for creating the USDa, a stablecoin pegged to Bitcoin, has secured $10 million in funding to expand its Bitcoin-centric Decentralized Finance (DeFi) infrastructure.
According to a recent announcement shared with CoinDesk, the Series A funding round was spearheaded by Framework Ventures. Additionally, UXTO Management, Presto Labs, and Kenetic Capital all contributed funds to this round.
As a researcher, I am dedicated to propelling Bitcoin (BTC) beyond its current role as a digital store of value. My goal is to transform it into an active financial tool with diverse applications.
Users can access the worth tied up in their Bitcoin by using it as security to obtain USD, with a consistent lending rate of 8%. Recently, the total value locked (TVL) of this token surpassed $700 million.
In addition to its stablecoin, Avalon provides lending services backed by Bitcoin, savings accounts that generate returns, and a credit card.
Digital tokens known as Stablecoins maintain a fixed value relative to a specific currency, usually the US Dollar. They are designed to provide users an alternative way to safeguard their assets against the fluctuations common in cryptocurrencies, all while keeping their investments within the digital currency sphere.
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2024-12-23 17:29