Avalon Labs raises $10M to expand Bitcoin DeFi ecosystem

Avalon Labs, issuer of the BTC-backed stablecoin USDa, raised $10 million in a Series A funding round led by Framework Ventures, with participation from UXTO Management, Presto Labs and Kenetic Capital, according to CoinDesk. The funds will expand Avalon's Bitcoin DeFi ecosystem, which includes BTC-backed lending, savings accounts and a credit card. Users can collateralize BTC for USDa at an 8% fixed rate, with the token reaching $700 million in total value locked this month.