PANews reported on December 23, according to CoinDesk, that Bitcoin-backed stablecoin issuer Avalon Labs has completed a $10 million Series A financing to expand its Bitcoin decentralized finance (DeFi) ecosystem. This round of financing 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 USDC, Bitcoin-backed lending, yield-generating savings accounts, and credit cards. Users can obtain USDC tokens by mortgaging BTC at a fixed lending rate of 8%. Currently, the total value locked (TVL) in USDC has reached $700 million.
