Avalon Labs Secures $10 Million in Series A Financing Round
Avalon Labs, the issuer of Bitcoin (BTC)-backed stablecoin USDa, has successfully raised $10 million in a Series A financing round with the participation of various venture capital firms.
Announcement of Series A Funding Round
The team from Avalon Finance announced the closing of the $10 million Series A Round, with leading venture capital firm Framework Ventures spearheading the funding round.
Key Participating Firms
- Framework Ventures
- UXTO Management
- Prestoby Framework Ventures
- Kenetic Capital
Utilization of Funding
Avalon Labs plans to utilize the funding to expand its BTC decentralized finance ecosystem, aiming to transform Bitcoin into a robust financial instrument beyond just a digital store of value.
Focus on Bitcoin-backed Financial Solutions
The Avalon team is committed to pioneering the future of Bitcoin-backed financial solutions, creating an ecosystem that unlocks the true potential of the leading cryptocurrency.
USDa Stablecoin and DeFi Integration
With Avalon’s USDa stablecoin, users can access decentralized finance on Bitcoin by collateralizing it. The platform offers a fixed borrowing rate of 8%, enabling USDa holders to access liquidity while maintaining their BTC positions.
USDa’s Market Position
USDa, Avalon’s flagship collateralized debt position (CDP), ranks as the second-largest CDP according to data from DeFiLlama. Its total value locked (TVL) reached $700 million in early December, competing with MakerDAO’s DAI and Liquity.
