Allo has secured a $100 million bitcoin-backed credit facility to expand its platform that helps institutions and individuals participate in crypto lending.
The company’s solution bridges traditional finance with blockchain technology, Allo said in a Tuesday (Dec. 23) press release.
“Bolstering its position in the bitcoin ecosystem, Allo has staked over 544 BTC (valued at $50M+) through the Babylon Bitcoin Staking Protocol,” the company said in the release. “This positions Allo as a key player in enabling bitcoin-secured networks, with its BTC staking solution minting the $alloBTC token featured prominently on DeFiLlama.”
Allo also highlighted in the release other recent developments, including its inclusion in the Binance Labs and BNB Chain MVB Accelerator program, its preparations to launch its native $RWA cryptocurrency, and its efforts in tokenizing real-world assets.
The company’s financing round was facilitated by a consortium of lenders that includes Greengage, per the release.
“We’re excited to support this much-needed new venture and look forward to seeing great things to come,” Greengage CEO Sean Kiernan said in the release.
PYMNTS reported in October 2023 that crypto lending was making a comeback, with several exchanges debuting new offerings.
Cryptocurrency exchange Coinbase rolled out a digital asset lending program for its institutional Prime clients in September 2023, saying it allows for lending “under standardized terms in a product that qualifies for a Regulation D exemption.”
“Coinbase is working to update the financial system that was built over 100 years ago, leveraging crypto to provide people with more economic freedom and opportunity,” a company spokesperson told PYMNTS at the time. “To advance this purpose, Coinbase is building the most trusted crypto products and services, and supporting other builders to bring 1 billion people into crypto.”
In July 2023, crypto lender Aave debuted its first stablecoin, GHO, saying the coin was live on the ethereum network.
“GHO was developed with the same goal as the Aave Protocol: to enable a people-powered financial ecosystem, accessible to all, that everyone can benefit from,” the company said at the time. “With the Aave Protocol and GHO, people around the world have equal access to the same financial tools that are based on transparent and decentralized technology.”
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