PANews reported on December 23, citing CoinDesk, that Bitcoin-backed stablecoin issuer Avalon Labs has completed a $10 million Series A financing round to expand its Bitcoin decentralized finance (DeFi) ecosystem. The round was led by Framework Ventures, with participation from UXTO Management, Presto Labs, and Kenetic Capital.
Avalon Labs is committed to transforming Bitcoin from a digital store of value into a more active financial tool, providing users with services including the stablecoin USDa, Bitcoin-backed lending, yield-generating savings accounts, and credit cards. Users can obtain USDa tokens by collateralizing BTC at a fixed borrowing rate of 8%, and the total value locked (TVL) of USDa has reached $700 million.
