Stablecoin issuer Avalon Labs completes $10 million in Series A financing, led by Framework Ventures

PANews reported on December 23 that Avalon Labs, a Bitcoin-backed stablecoin issuer, completed a $10 million Series A round of financing to expand its Bitcoin decentralized finance (DeFi) ecosystem, CoinDesk reported. The round was led by Framework Ventures, with participation from UXTO Management, Presto Labs and Kenetic Capital.

Avalon Labs is committed to transforming Bitcoin from a digital store of value into a more active financial instrument, providing users with services including stable currency USDa, Bitcoin-backed lending, income-generating savings accounts and credit cards. Users can obtain USDa tokens by mortgaging BTC at a fixed 8% lending rate. Currently USDa’s total lock-up volume (TVL) has reached US$700 million.