Allo, a real-world asset tokenization platform, has secured $100 million in debt financing to boost its bitcoin-backed lending business.

On December 23, the Allo team announced that the platform had successfully secured Bitcoin (Bitcoin) - Credit facilities backed in a financing round led by a group of lenders. These include London-based digital finance pioneer Greengage, and an unnamed US-based institution.

Allo, which is seeing huge traction across the Bitcoin harvesting ecosystem and real-world asset tokenization on the BNB chain, will use the credit facility to enhance its cryptocurrency-backed lending service. The platform caters to institutional and individual clients looking to participate in the rapidly expanding cryptocurrency lending market.

Sean Kiernan, CEO of Greengage, commented on the increase, noting in a press release The UK-based company is backing the Allo project as the BTC lending platform looks to bring traditional financing to the chain.

Allo's stake on the BTC Babylon platform is currently worth over 544 BTC, with... DeFiLlama It shows the total value locked in alloBTC at around $50 million. Growth within the BNB Chain ecosystem has also seen the TVL value in the RWA token reach $2.2 billion. Meanwhile, the project is among the projects that received investment from Binance Labs via the MVB Accelerator program.

The RWA market currently hovers near $900 trillion, while tokenized assets are expected to make up 10% of the global GDP worth $24 trillion by 2027. Allo is looking to leverage this tokenization potential through its funding initiative.

The expansion has also seen strategic partnerships with several players in the cryptocurrency ecosystem, including custodial and wallet infrastructure provider Cobo and decentralized oracle network Chainlink.