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11975
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Bitcoin Share
Cryptopolitan 2024-12-24 11:34:05

UAE-based Allo.xyz secures $100 million Bitcoin-backed credit facility for its RWA platform

UAE-based Allo.xyz secures $100 million Bitcoin-backed credit facility for its RWA platform

UAE-based Allo .xyz, a platform for real-world asset (RWA) tokenization and lending, has secured a $100 million Bitcoin-backed credit facility. The project was also recently accepted into Qatar’s Digital Assets Lab. As per the press release , the credit facility will further enhance Allo’s BTC-backed lending services, catering to institutional and individual participants eager to engage in the growing crypto lending market. Allo has staked over 544 BTC (valued at $50M+) through the Babylon Bitcoin Staking protocol to bolster its position in the Bitcoin ecosystem. As such, it is considered a key player in enabling Bitcoin-secured networks, with its BTC staking solution minting the $alloBTC token featured prominently on Defillama. Greengage and an unnamed “long-standing US institution” facilitated the financing round. The release also mentioned that the funding reflects the rising demand for Bitcoin-secured lending solutions as Allo continues to bridge traditional finance with blockchain technology. Sean Kiernan, CEO of Greengage, expressed his enthusiasm: “We’re excited to support this much-needed new venture and look forward to seeing great things to come.” Allo also joined Binance Labs and the BNB Chain MVB Accelerator program, securing up to $750,000 in investment. Allo has tokenized assets worth $2.2 billion Allo has also made strides in tokenizing real-world assets, with over $2.2 billion in total value locked (TVL) across various assets on the BNB Chain. Its on-chain RWA fund solution allows anyone to create funds in under 60 seconds, opening new opportunities for asset management. Addressing the $900 trillion real-world asset opportunity, Allo continues to pioneer tokenization solutions that seamlessly integrate traditional and digital finance. The company has also secured a $50 million term sheet for lending against SpaceX stock, enabling efficient borrowing solutions for private market shareholders. In a LinkedIn post, Kingsley Advani, Founder of Allo also shared details of discussions with the DIFC (Dubai International Financial Center) in the UAE regarding licensing for the project. He noted, “Great to attend Dubai AI Festival and partner with DIFC Mohammad Alblooshi on DIFC licensing for Allocations and ALLO.” Land a High-Paying Web3 Job in 90 Days: The Ultimate Roadmap

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