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Cryptocurrency News Articles

Avalon Labs Raises $10M to Transform Bitcoin into a More Dynamic Financial Tool

Dec 24, 2024 at 03:11 am

Avalon Labs, a blockchain company focused on transforming Bitcoin into a more dynamic financial tool, has raised $10 million in a Series A funding round.

Avalon Labs Raises $10M to Transform Bitcoin into a More Dynamic Financial Tool

Avalon Labs, a blockchain company focused on transforming Bitcoin into a more dynamic financial tool, has raised $10 million in a Series A funding round, the company announced Monday.

The funding was led by Framework Ventures with participation from UTXO Management, Kenetic Capital, and others, according to a CoinDesk report. Avalon Labs will use the funds to bolster the adoption of its flagship Bitcoin-backed stablecoin, USDa, and expand its decentralized finance (DeFi) offerings.

Avalon Labs is on a mission to redefine Bitcoin's use case, shifting it from a static store of value to a versatile financial asset. The company's stablecoin, USDa, empowers users to collateralize their Bitcoin holdings to mint stablecoins at a fixed borrowing rate of 8%. This approach enables Bitcoin holders to access liquidity while maintaining exposure to Bitcoin's potential price appreciation.

Since its launch in November 2024, USDa has seen increasing use in the DeFi sector, recently surpassing $700 million in total value locked (TVL). The stablecoin, also known as the "Bitcoin Money," became the second largest collateralized debt position (CDP) project in the world, boasting a total market size of $84.10 million in December.

Avalon also offers complementary financial products, such as Bitcoin-backed lending services, yield-generating savings accounts, and a credit card, further enhancing its ecosystem.

The latest funding round comes as the stablecoin market continues to expand, with new players entering the space and offering varied solutions.

Earlier this month, Ripple, a leading blockchain payment infrastructure provider, debuted its fiat-backed stablecoin, RLUSD, which is backed by cash reserves, government bonds, and cash equivalents.

As reported by Coinspeaker, the stablecoin aims to provide stability for users while maintaining liquidity across several exchanges, including Bitso and Uphold. The company said it partnered with corporate institutions across the United States, the United Kingdom,

News source:www.coinspeaker.com

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