Bitfinex, Ava Labs, and Others Give $10 Million to DeFi Protocol

The market volatility is still going on, but investors still support a new protocol that merges the foreign exchange market with decentralized finance (DeFi). And there’s also the ongoing crypto market that has shown how the builders’ market of investments has so many promising projects.
Onomy, a Cosmos ecosystem based on the blockchain, has just secured millions from many investors for developing a new protocol. The Cosmos project merges DeFi with the foreign exchange market, having as its purpose bringing the foreign exchange market on-chain.
According to developers, there have been $10 million garnered from the latest funding. The money came from prominent industry players such as Ava Labs, Bitfinex, CMS Holdings, and the Maker Foundation.
Lalo Bazzi, who co-founded Onomy, mentioned how the underlying goal of creating an autonomous decentralized organization with a public infrastructure should be the core tenant of crypto. Also, self-custody should be possible, all without sacrificing user experience.
Self-custody and DeFi have always been hot topics for the crypto community, especially since the FTX liquidity and bankruptcy scandal. However, according to experts, what market experts should learn from this situation is how valuable DeFi platforms are comparable to centralized gatekeepers.
The forecasts for the industry’s future show that the year coming will be challenging while still holding the investors’ interests. According to a survey sponsored by Coinbase and conducted from September 21 until October 27, there are still institutional investors in the space.
62% of the surveyed institutional investors in crypto investments have had increased positions in 2022. On November 9, just a few days after the FTX scandal, ARK Investment’s Cathie Wood added another $12.1 million to the existing Coinbase shares of the company.
In addition, banks are continuing to show their interest in the crypto industry. For example, JP Morgan uses DeFi uses cross-border transactions, whereas BNY Mellon launches a Digital Asset Custody Platform. Still, according to research, the blockchain industry’s conditions are harsh, and they might also stay the same for the upcoming year.