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Avalon Labs Secures 14.5 Billion Won in Series A... "Expanding DeFi Ecosystem"

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JOON HYOUNG LEE
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  • Avalon Labs announced that it has secured a Series A investment of 14.5 billion won.
  • This investment move aims to expand the Bitcoin-based decentralized finance (DeFi) ecosystem.
  • Avalon Labs stated that it issues USDa with Bitcoin as collateral and offers a fixed loan interest rate of 8%.
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  • Due to the nature of the technology, key content in the text may be excluded or different from the facts.

Avalon Labs, the issuer of the Bitcoin (BTC)-based stablecoin USDa, has secured a Series A investment of $10 million (approximately 14.5 billion won).

According to CoinDesk on the 23rd (local time), Avalon Labs recently secured a Series A investment of $10 million.

This Series A investment was led by Framework Ventures. Participants in the investment included UXTO Management, Presto Labs, and Kenetic Capital.

Avalon Labs secured the Series A investment to expand the Bitcoin-based decentralized finance (DeFi) ecosystem. Avalon Labs aims to develop Bitcoin beyond a simple virtual asset into a financial instrument that can be utilized for various purposes.

In the case of Avalon Labs' USDa, users can issue it with Bitcoin set as collateral at a fixed loan interest rate of 8%. As of early this month, the total value locked (TVL) is $700 million (approximately 1 trillion 170 billion won). Avalon Labs also offers Bitcoin-based loans and credit card services in addition to stablecoins.

Meanwhile, stablecoins are a type of digital token that links value with other currencies such as the dollar.

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gilson@bloomingbit.ioCrypto Journalist