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Cryptocurrency News Articles
Allo Secures $100M Bitcoin-Backed Credit Facility to Expand Crypto Lending Platform
Dec 25, 2024 at 06:18 am
The company's solution bridges traditional finance with blockchain technology, Allo said in a Tuesday (Dec. 23) press release.
Institutions and individuals can now participate in crypto lending at a larger scale thanks to a $100 million bitcoin-backed credit facility that Allo has obtained.
The business announced the new development in a press release on Tuesday (Dec. 23), highlighting how its solution combines traditional finance with blockchain technology.
“Allo has staked over 544 BTC (valued at $50M+) through the Babylon Bitcoin Staking Protocol to bolster its position in the bitcoin ecosystem,” the company stated in the press release. This positions Allo as a key player in enabling bitcoin-secured networks, with its BTC staking solution minting the $alloBTC token that is prominently featured on DeFiLlama.”
Other recent developments were highlighted by Allo in the press release, including its participation in the Binance Labs and BNB Chain MVB Accelerator program, preparations for the launch of its native $RWA cryptocurrency and efforts to tokenize real-world assets.
According to the press release, a consortium of lenders led by Greengage facilitated the company's financing round.
“We're very excited to be able to support this much-needed new venture and look forward to seeing great things to come,” Greengage CEO Sean Kiernan stated in the press release.
Several exchanges unveiled new crypto lending products in 2023, as PYMNTS reported.
In September 2023, cryptocurrency exchange Coinbase unveiled a digital asset lending program for its institutional Prime clients, stating that it enables lending “under standardized terms in a product that qualifies for a Regulation D exemption.”
“Coinbase is working to update the financial system that was built over 100 years ago, using crypto to give people more economic freedom and opportunity,” a company spokesperson told PYMNTS at the time. “To advance this purpose, Coinbase is building the most trusted crypto products and services and supporting other builders to bring 1 billion people into crypto.”
In July 2023, crypto lender Aave unveiled its first stablecoin, GHO, stating that the coin is now live on the Ethereum network.
“GHO was created with the same goal as the Aave Protocol: to enable a people-powered financial ecosystem, accessible to all, that everyone can benefit from,” the company stated at the time. “With the Aave Protocol and GHO, people around the world have equal access to the same financial tools that are based on transparent and decentralized technology.”
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