The ongoing crypto bear market has proven to be a builder’s market as investment continues to find promising projects.
Onomy, an ecosystem based on the Cosmos blockchain, has just obtained millions of investors for the development of its new protocol. The project merges decentralized finance (DeFi) and the forex market to put the latter on chain.
According to the developers, the latest funding round raised $10 million from major industry players such as Bitfinex, Ava Labs, Maker Foundation, and CMS Holdings, among others.
Lalo Bazzi, co-founder of Onomy, said the underlying goal of building a decentralized autonomous organization with public infrastructure should serve the “main tenant of crypto – self-custody – without sacrificing experience. user”.
DeFi and self-custody have been hot topics in the crypto community due to the FTX liquidity bankruptcy scandal. Some experts have said that one of the main lessons to be learned from the situation is the value of DeFi platforms compared to centralized gatekeepers.
Forecasts for the near future for the industry showed a mix of another tough year while maintaining investor interest.
According to a Coinbase-sponsored survey that was conducted between September 1. 21 and Oct. 27, institutional investors are still hungry for space. He revealed that 62% of institutional investors surveyed with crypto investments increasing their positions over the past year.
On Nov. 9, just days after the FTX scandal, Cathie Wood of ARK Investment added another $12.1 million to the company’s existing shares in Coinbase. Moreover, banks continue to be interested in the industry, with JP Morgan using DeFi for cross-border transactions and BNY Mellon launching its own digital asset custody platform.