Series A Funding: Avalon Labs Secures $10 Million for Bitcoin-Backed DeFi Ecosystem Development

Avalon Labs Raises $10 Million in Series A Funding Round

In a major development, Avalon Labs has successfully raised a substantial $10 million in its Series A funding round. The capital injection comes from a consortium of investors including UXTO Management, Prestoby Framework Ventures, and Kenetic Capital.

As per the announcement made by the Avalon Labs team, the fresh funds will be utilized to expand its decentralized finance (DeFi) ecosystem built on Bitcoin. This development underscores the company’s ambitious plans to transform Bitcoin into a robust financial instrument that goes beyond its traditional role as a digital store of value.

Avalon Labs aims to achieve this vision by introducing its USDa stablecoin, which allows users to tap into DeFi markets while keeping their Bitcoin holdings intact. By collateralizing Bitcoin, USDa holders can access liquidity at a fixed borrowing rate of 8%. This innovative solution is currently the second-largest collateralized debt position (CDP) on DeFiLlama, boasting a TVL of $700 million.

The Avalon Labs team has reiterated its commitment to revolutionize the landscape by empowering users with a comprehensive ecosystem that unlocks Bitcoin’s true potential. The platform’s recent funding success is likely to accelerate this goal and solidify its place in the rapidly evolving crypto-asset market.

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In related news, USUAL token price has surged after Binance Labs invested in the project, while La Rosa Holdings has launched an initiative allowing real estate agents to receive commissions in cryptocurrency.

Source: coinjournal.net