Allo, a real-world asset tokenization platform, has secured $100 million in debt financing to bolster its Bitcoin-backed lending business.
On December 23, the Allo team announced that the platform had successfully secured the Bitcoin (BTC)-backed credit facility in a funding round led by a syndicate of lenders. These included London-based digital finance pioneer Greengage and an unnamed US-based institution.
Allo, which is seeing massive traction across the Bitcoin staking ecosystem and tokenization of real-world assets on the BNB chain, will use the lending facility to strengthen its crypto-backed lending service. The platform is aimed at both institutional and retail customers who want to participate in the rapidly growing crypto lending market.
Commenting on the raise, Greengage CEO Sean Kiernan noted in a press release that the UK-based company supports Allo’s venture as the BTC lending platform seeks to bring traditional finance on-chain.
Allo’s stake via BTC staking platform Babylon currently stands at over 544 BTC, with DeFiLlama putting the total value locked in alloBTC at nearly $50 million. The growth within the BNB Chain ecosystem has also seen its TVL in tokenized RWA reach $2.2 billion. The project is now among those securing investments from Binance Labs through the MVB Accelerator program.
The RWA market is currently hovering around $900 trillion, while tokenized assets are expected to account for 10% of global gross domestic product worth $24 trillion by 2027. Allo wants to tap into this tokenization potential with the financing initiative.
The expansion also sealed it…
