As a seasoned analyst with over two decades of experience in the financial sector, I’ve witnessed the transformation of traditional finance into a digital frontier. The recent news about Dubai-based tokenization platform Allo securing a $100 million financing backed by Bitcoin is a testament to this shift.
Dubai-based tokenization platform Allo has secured a $100 million financing backed by Bitcoin.
As a crypto investor, I learned from the December 19th announcement that the credit line was financed by a group of lenders, consisting of Greenage and an established U.S. financial institution with a long history.
This platform facilitates the conversion of real-world assets into digital tokens and offers peer-to-peer lending through blockchain technology. Before receiving a credit line, Allo managed to secure an investment of $750,000 as part of its involvement in the Binance Labs accelerator program. The company has also garnered close to $2 million in seed funding from investors like NGC, Gate Labs, and Morningstar Ventures.
The startup claims over 544 Bitcoin (BTC) staked through the Babylon protocol. The staked tokens allowed the minting of the alloBTC token, currently worth $54 million as per data from DefiLlama. In addition, it is said to have facilitated over $2.2 billion in tokenized assets on the BNB Chain.
One of the major advancements in the cryptocurrency world is tokenization. This process enables the transformation of tangible assets, such as properties, gold, or stocks, into digital form, making them available for purchase, sale, and trading over the internet.
2024 witnessed a significant influx of traditional investors into the cryptocurrency market, resulting in an unprecedented increase in sector expansion. According to rwa.xyz’s data, the total worth of tokenized assets skyrocketed close to $13.9 billion, marking a notable rise from its initial value of $8.3 billion in January.
As a researcher, I’ve noticed a surge in the popularity of tokenization startups. For instance, on December 19th, Plume Network unveiled a $20-million funding round to boost the development of their real-world asset ecosystem. Similarly, Securitize, in May, completed a $47 million round led by BlackRock, with the aim of transforming conventional assets into digital securities.
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2024-12-19 20:12