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Source: Сointеlеgrаph

The current cryptocurrency bear market has established itself as a builder’s market as investments continue to find promising projects.

Onnomy, the blockchain-based ecosystem of Cosmos, has just received a million dollars from investors to develop its new protocol. The project combines decentralized finance (DeFi) and foreign exchange (FX) to bring the latter to the network.

The latest funding round has raised $10 million from major industry players such as Bitfinex, Ava Labs, the Maker Foundation, and CMS Holdings, according to the developers.

Lalo Bazzi, co-founder of Onomy, says that the main goal of building a decentralized autonomous organization (DAO) with a public infrastructure is to serve “cryptocurrency’s main tenant – self-service – without sacrificing user experience.”

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

Related: Bank for International Settlements to Test DeFi Implementation in CBDC Forex Markets

Forecasts for the near future of the industry have shown a mixture of yet another tough year, but are still piqued by investor interest.

According to a Coinbase-sponsored survey conducted between September 21 and October 27, institutional investors are still interested in this space. It turned out that 62% of the surveyed institutional investors with cryptocurrency investments increased their positions over the past year.

On November 9, just days after the FTX scandal, ARK Investment’s Cathy Wood added an additional $12.1 million to the company’s existing shares in Coinbase. In addition, 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 storage platform.

However, some research predicts continued challenging conditions for the blockchain industry that could continue into the coming year.

Source: Сointеlеgrаph

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