Allo.xyz, a real-world asset tokenization and lending platform based in the UAE, has received a $100M credit facility backed by Bitcoin. The company has also joined Qatar's Digital Assets Lab, bolstering its presence in the crypto lending sector.
Allo has staked over 544 BTC (worth over $50M) using the Babylon Bitcoin Staking system, positioning it as a major player in Bitcoin-secured networks. The platform's BTC staking solution creates the $alloBTC coin, which appears on Defillama. Greengage and an unknown US institution arranged the funding. Greengage CEO Sean Kiernan expressed excitement in supporting this venture.
Allo has participated in Binance Labs and BNB Chain's MVB Accelerator program and tokenized $2.2B in assets on BNB Chain. They also secured a $50M term sheet for SpaceX stock lending. The company's on-chain RWA fund solution allows for rapid fund creation, revolutionizing asset management.
Allo seeks to address the $900T real-world asset opportunity by combining traditional and digital finance. The founder, Kingsley Advani, indicated that licensing conversations with the Dubai International Financial Centre are ongoing. Allo continues to grow its global presence and innovate in the crypto lending industry.
