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Allo secures $100M credit facility backed by Bitcoin

Allo secures $100M credit facility backed by Bitcoin

GrafaGrafa2024/12/20 09:10
By:Isaac Francis

Dubai-based tokenisation platform Allo has secured a $100 million Bitcoin-backed (CRYPTO:BTC) credit facility.

This funding was provided by a consortium of lenders, including Greengage and a long-standing U.S. institution.

The platform specialises in real-world asset tokenisation and on-chain lending.

Before securing this credit line, Allo participated in the Binance Labs accelerator program and raised $750,000.

The company has also raised almost $2 million in seed funding from investors such as NGC, Gate Labs, and Morningstar Ventures.

Allo claims to have staked over 544 BTC through the Babylon protocol, which facilitated the minting of the alloBTC token.

According to data from DefiLlama, the alloBTC token is currently valued at $54 million.

The company also claims to have facilitated over $2.2 billion in tokenised assets on BNB Chain.

Tokenisation is a growing trend in the crypto space.

It allows real-world assets like real estate, gold, and company shares to be converted into digital tokens.

These tokens can be traded, making once-illiquid assets more accessible to a broader range of investors.

The market for tokenised real-world assets has seen significant growth.

According to RWA.xyz, the total value of tokenised assets on-chain has grown from $8.3 billion in January to nearly $13.9 billion.

This surge is largely attributed to private credit, followed by U.S. Treasury bonds, commodities, and institutional funds.

Tokenisation startups like Allo are positioning themselves to benefit from this growth.

With traditional investors entering the space, McKinsey predicts the tokenisation market could reach nearly $2 trillion by 2030.

At the time of reporting, the price of Bitcoin (BTC) was $97,321.19.

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