Allo, a real-world assets tokenization platform, has secured $100 million in debt financing to bolster its Bitcoin-backed lending business.
On Dec. 23, the Allo team announced the platform had successfully secured the Bitcoin (BTC)-backed credit facility in a financing round led by a consortium of lenders. These included London-based digital finance pioneer Greengage and an unnamed U.S.-based institution.
Allo, which is seeing massive traction across the Bitcoin staking ecosystem and real-world assets tokenization on BNB Chain, will use the credit facility to boost its crypto-backed lending service. The platform caters to both institutional and individual clients looking to participate in the rapidly-expanding crypto lending market.
Sean Kiernan, chief executive officer of Greengage, commented on the raise, noting in a press release that the U.K.-based company supports Allo’s venture as the BTC-lending platform looks to bring traditional finance on-chain.
Read more: Binance Labs, Kraken Ventures back $10m round for stablecoin issuer Usual
Allo’s staking via BTC staking platform Babylon currently sits at over 544 BTC, with DeFiLlama showing the total value locked in alloBTC at nearly $50 million. Growth within the BNB Chain ecosystem has also seen its TVL in tokenized RWA hit $2.2 billion. Meanwhile, the project is among those to secure investment from Binance Labs via the MVB Accelerator program.
The RWA market currently hovers near $900 trillion, while tokenized assets are projected to make up 10% of global gross domestic product worth $24 trillion by 2027. Allo looks to tap into this tokenization potential with the financing initiative.
Expansion has also seen it seal strategic partnerships with several crypto ecosystem players, including custody and wallet infrastructure provider Cobo and decentralized oracle network Chainlink.
Read more: Chainlink introduces MEV recapture solution for DeFi
