Home CryptocurrencyAltcoin DeFi Protocol Raises $10 Million From Bitfinex, Ava Labs Despite Turbulent Market

DeFi Protocol Raises $10 Million From Bitfinex, Ava Labs Despite Turbulent Market

by SuperiorInvest

Cryptocurrency in progress bear market has proven to be a builder’s market as investments continue to find promising projects.

Onomy, an ecosystem based on the Cosmos blockchain, just raised millions from investors to develop its new protocol. The project will merge decentralized finance (DeFi) and the foreign exchange (FX) market to bring the latter into the chain.

According to the developers, the latest round of funding 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, says that the fundamental goal of building a decentralized autonomous organization (DAO) with a public infrastructure should serve “the main tenant of cryptocurrencies – self-governance – without sacrificing the user experience”.

Both DeFi and self-custody have been hot topics in the crypto community due to the liquidity scandal and the FTX bankruptcy. Some experts have said that one of the main lessons to be learned from the situation is value of DeFi platforms compared to centralized gatekeepers.

Related: Bank for International Settlements to test DeFi implementation on CBDC forex markets

Forecasts for the near future of the industry showed a mix of another tough year, while still maintaining investor interest.

Institutional investors are still interested in the space, according to a Coinbase-sponsored survey conducted between September 21 and October 27. It revealed that 62% of institutional investors surveyed with crypto investments have increased their positions in the past year.

On November 9, just days after the FTX scandal, Cathie Wood of ARK Investment added another $12.1 million to the company’s existing stock in Coinbase. Additionally, banks continue to show interest in the industry with JP Morgan using DeFi for cross-border transactions and BNY Mellon launching its own Digital Asset Custody platform.

Still some research predicts continued severe conditions for a blockchain industry that has the potential to last coming year.

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