2 months ago
Avalon Labs, the issuer of the BTC-backed stablecoin USDa, has raised $10 cardinal to turn its Bitcoin decentralized concern (DeFi) ecosystem.
The Series A backing circular was led by Framework Ventures and included contributions from UXTO Management, Presto Labs and Kenetic Capital, according to an announcement shared with CoinDesk connected Monday.
Avalon aims to germinate BTC from a integer store of worth to a much progressive fiscal instrumentality that tin service a scope of antithetic purposes.
Users tin unlock the worth stored successful their BTC by collateralizing it for USDa it astatine a fixed borrowing complaint of 8%. The token reached $700 cardinal successful full worth locked (TVL) earlier this month.
Along with its stablecoin, Avalon offers bitcoin-backed lending, output generating savings accounts and a recognition card.
Stablecoins are a benignant of integer token whose worth is pegged to that of different currency, usually the U.S. dollar. Their intent is to springiness users the enactment of protecting their funds from volatility associated with cryptocurrencies without having to region them from the crypto ecosystem altogether.
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