CandleFocus Avalon Labs Raises $10M Series A to Grow Bitcoin-Backed Stablecoin
2024-12-23
Author: Content Editor
Avalon Labs has raised $10 million in a Series A funding round to expand its Bitcoin decentralized finance (DeFi) ecosystem. The funding was led by Framework Ventures and included contributions from UXTO Management, Presto Labs, and Kenetic Capital. Avalon aims to transform BTC from a store of value to a more versatile financial instrument. Its stablecoin, USDa, allows users to collateralize their BTC for borrowing at an 8% fixed rate. With $700 million total value locked (TVL), Avalon also offers bitcoin-backed lending, yield generating savings accounts, and a credit card. Stablecoins are digital tokens that maintain their value relative to another currency, such as the U.S. dollar, allowing users to protect their funds from cryptocurrency volatility while staying within the crypto ecosystem.
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