Avalon Labs, the issuer of Bitcoin (BTC)-backed stablecoin USDa, has secured $10 million in a Collection A financing spherical that attracted a number of enterprise capital companies.

“We are known for many things but today is not about us. The team from Avalon Finance is honored to announce the closing of our 10M Series A Round,” the platform posted on X.

Avalon Labs,

the Omnichain Liquidity for $BTCFi
the Bitcoin Cash – $USDa
the biggest lending market within the $BTC ecosystem

We’re identified for a lot of issues however immediately just isn’t about us. The workforce from @avalonfinance_ is honored to announce the closing of our 10M Collection A Spherical, led by… pic.twitter.com/22TPMDE6iu

— Avalon Labs 🎩🔮 (@avalonfinance_) December 23, 2024

Enterprise capital agency Framework Ventures led the funding spherical, which attracted the participation of UXTO Administration, Prestoby Framework Ventures and Kenetic Capital.

In an announcement, the Avalon Labs workforce stated the challenge will use the funding help to develop its BTC decentralized finance ecosystem.

On this case, Avalon’s goal is to evolve Bitcoin from being only a digital retailer of worth to a strong monetary instrument.

“We are pioneering the future of Bitcoin-backed financial solutions, creating the first comprehensive ecosystem that unlocks the true potential of the world’s leading cryptocurrency” the Avalon workforce wrote.

Avalon’s USDa stablecoin permits customers to faucet into DeFi on Bitcoin by collateralizing it. The platform’s borrowing price is mounted at 8%, which permits USDa holders to entry liquidity whereas conserving their BTC positions.

USDa, Avalon’s flagship collateralized debt place (CDP), ranks because the second-largest CDP per knowledge from DeFiLlama. Its TVL hit $700 million in early December and its opponents embody MakerDAO’s DAI and Liquity