The Series A funding round was led by Framework Ventures and included contributions from UXTO Management, Presto Labs and Kenetic Capital.
Avalon Labs, the issuer of BTC-backed stablecoin USDa, has raised $10 million to grow its Bitcoin decentralized finance (DeFi) ecosystem, according to an announcement shared with CoinDesk on Monday.
The Series A funding round was led by Framework Ventures and included contributions from UXTO Management, Presto Labs and Kenetic Capital.
Avalon aims to evolve BTC from a digital store of value to a more active financial instrument that can serve a broader range of purposes.
Users can unlock the value stored in their BTC by collateralizing it for USDa at a fixed borrowing rate of 8%. The token reached $700 million in total value locked (TVL) earlier this month.
In addition to its stablecoin, Avalon also offers bitcoin-backed lending, yield-generating savings accounts and a credit card.
Stablecoins are a type of digital token that pegs its value to another currency, usually the U.S. dollar. They aim to give users the option to protect their funds from the volatility associated with cryptocurrencies without having to remove them entirely from the crypto ecosystem.
Read More: Stablecoin Market Cap Hits $200B Milestone, Could Double in 202скаминг as Adoption Accelerates
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