The project was also recently accepted into the Digital Assets Lab in Qatar.
According to the press release, the credit facility will enhance Allo’s Bitcoin-backed lending services, catering to institutional and individual participants eager to participate in the growing crypto lending market.
Allo has staked over 544 BTC (worth over $50 million) through the Babylon Bitcoin Scking Protocol to cement its position in the Bitcoin ecosystem. As such, it is considered a major player in enabling secure Bitcoin networks, with its Bitcoin staking solution minting the $alloBTC token prominently featured on DeFi llama.
Greenidge and an unnamed “established U.S. institution” facilitated the funding round. The statement also said the funding reflects the growing demand for Bitcoin-secured lending solutions as Allo continues to bridge traditional finance with blockchain technology.
“We are excited to support this much-needed new project and look forward to seeing great things to come,” said Sean Kiernan, CEO of Greengage.
Allo has also joined Binance Labs and the BNB Chain MVB Accelerator program, receiving an investment of up to $750,000.
Allo has $2.2 billion in token assets
Allo has also made great strides in tokenizing real-world assets, with over $2.2 billion in total value locked (TVL) across various assets on the BNB Chain. Its on-chain RWA fund solution allows anyone to create funds in under 60 seconds, opening up new opportunities for asset management.
Addressing the $900 trillion real asset opportunity, Allo continues to pioneer tokenization solutions that seamlessly integrate traditional and digital finance. The company also secured a $50 million term sheet for lending to SpaceX, enabling efficient borrowing solutions for private market shareholders.
In a post on LinkedIn, Allo founder Kingsley Advani also shared details of discussions with the Dubai International Financial Centre (DIFC) in the UAE regarding the project’s licensing. He noted: “Great to attend the Dubai AI Festival and partner with DIFC’s Mohammed Al Balooshi on the DIFC licensing of ALLO and the DIFC.”