- To strengthen its Bitcoin-backed lending business, Allo, a platform for tokenizing real-world assets, has obtained $100 million in debt financing.
The Allo team declared on December 23 that the platform had successfully obtained the Bitcoin-backed credit facility in a financing round headed by a group of lenders. These included an unidentified U.S.-based organization and Greengage, a pioneer in digital finance located in London.
The credit facility will be used by Allo, which is experiencing tremendous growth in the Bitcoin staking environment and the tokenization of real-world assets on BNB Chain, to expand its crypto-backed lending service. Both institutional and individual clients wishing to take part in the quickly growing crypto loan sector are served by the platform.
According to a news release, the UK-based business backs Allo’s endeavor as the cryptocurrency lending platform seeks to integrate traditional finance.
According to DeFiLlama, the entire value locked in alloBTC is close to $50 million, and Allo’s staking via the BTC staking platform Babylon presently stands at around 544 BTC. Its TVL in tokenized RWA has also reached $2.2 billion due to growth inside the BNB Chain ecosystem. In the meantime, the project is one of several that Binance Labs has invested in through the MVB Accelerator program.
By 2027, tokenized assets are expected to account for 10% of the world gross domestic product, or $24 trillion, whereas the RWA market is presently valued at close to $900 trillion. Through the financing endeavor, Allo hopes to capitalize on this tokenization potential.
Through its expansion, it has also established strategic alliances with a number of participants in the cryptocurrency ecosystem, such as the decentralized oracle network Chainlink and custody and wallet infrastructure provider Cobo.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
