December 23, 2024
Avalon Labs, the issuer of the BTC-backed stablecoin USDa, has closed a $10 million Series A funding round. The round was led by Framework Ventures and included participation from UXTO Management, Presto Labs, and Kenetic Capital. The capital will support Avalon’s efforts to expand its decentralized finance (DeFi) offerings.
The company’s primary objective is to broaden the utility of Bitcoin beyond its role as a store of value. Avalon enables users to collateralize their Bitcoin in exchange for USDa, a stablecoin that operates on a fixed borrowing rate of 8%. The USDa token has grown substantially, surpassing $700 million in total value locked (TVL) earlier this month. In addition to USDa, Avalon Labs provides Bitcoin-backed lending services, yield-generating savings accounts, and a credit card, strengthening its position in the evolving DeFi ecosystem.
About Avalon Labs
Avalon Labs is a DeFi platform that allows users to collateralize Bitcoin for USDa. It offers Bitcoin-backed lending, yield-generating savings accounts, and a credit card, aiming to enhance Bitcoin’s role in the DeFi ecosystem and provide stability within crypto.
Website:https://www.avalonfinance.xyz/
X: @avalonfinance
About Investor
Framework Ventures
Framework Ventures is a venture capital firm specializing in blockchain and DeFi investments. It supports projects across various stages of development. Framework Ventures is known for its investments in leading DeFi projects, including Aave and Yearn Finance.
Location: San Francisco, California Website: https://www.framework.ventures/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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