Deep Tide TechFlow news, on December 23, according to CoinDesk, the stablecoin USDa issuer Avalon Labs has completed a $10 million Series A financing round, led by Framework Ventures, with participation from UXTO Management, Presto Labs, and Kenetic Capital. The company aims to transform Bitcoin from a digital store of value into a more active financial tool, allowing users to stake Bitcoin to obtain USDa at a fixed borrowing rate of 8%.
It is reported that Avalon Labs, in addition to providing stablecoin services, is also developing products such as Bitcoin-backed lending, yield accounts, and credit cards. Its stablecoin USDa's total value locked (TVL) reached $700 million earlier this month. This round of financing will be used to expand its Bitcoin DeFi ecosystem and further promote the application of Bitcoin in the DeFi space.
