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Quick take:
The company plans to use the funds to grow its Bitcoin DeFi ecosystem.
Users can leverage Avalon Labs’ stablecoin to unlock the value stored in their BTC by using it as collateral for USDa at a fixed rate of 8%.
The company also offers yield-generating savings accounts and a credit card.
Avalon Labs has raised $10 million in a Series A round led by Framework Ventures. The fundraising also attracted participation from UXTO Management, Presto Labs and Kenetic Capital.
The company plans to use the fresh capital to expand its decentralised finance ecosystem on Bitcoin, CoinDesk reported. It comes at a time when Bitcoin is quickly expanding into the DeFi sector, becoming more than just a store of Value.
Avalon’s stablecoin USDa allows users to unlock the value stored in their BTC by collateralising it at a fixed rate of 8%. The company also offers a Bitcoin-backed lending service, yield-generating accounts and a credit card.
Avalon Labs TVL peaked at $1.82 billion last week, before retreating to just under $1.5 billion on Monday, according to DeFiLlama data.
The USDa stablecoin peaked at $530 million TVL before pulling back to $461 million.
Avalon Finance, the company’s Liquidity Hub For BTC LSDFi and CeDeFi Lending accounts for the highest TVL in the protocol with $880 million.
Stablecoins have emerged among the leading drivers of crypto adoption, especially through cross-border payments. The market size has skyrocketed to over $212 billion on Monday.
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