According to ChainCatcher news reported by CoinDesk, Bitcoin-based stablecoin issuer Avalon Labs has completed a $10 million Series A funding round, led by Framework Ventures, with participation from UXTO Management, Presto Labs, and Kenetic Capital.
Avalon's goal is to evolve BTC from a digital store of value into a more active financial tool that can meet various different purposes.
Users can unlock the value stored in BTC by collateralizing USDa at a fixed borrowing rate of 8%. In addition to stablecoins, Avalon also offers Bitcoin-backed loans, yield-generating savings accounts, and credit cards.