Defi Projects Defy the Bear Market, Investors still Interested
The collapse of FTX is taking a toll on the entire crypto market. But that does not stop some companies from raising substantial funds to fuel their projects.
The crypto market might not be the most enticing place at the moment but it doesn't mean that promising projects are not attracting investors.
Onomy Protocol, a multi-chain suite converging Forex and Decentralized Finance, secured millions of investments for its upcoming new protocol.
As a result of the latest funding round, the company managed to secure 10 million from a variety of funds such as Bitfinex, Ava Labs, the Maker Foundation, and CMS Holdings.
In a series of tweets, the company said that it's thrilled to announce that “we've closed a $10M round, getting Onomy closer to its goals of converging Defi & Forex while rearchitecting the Web3 user experience”, emphasizing that many key industry players aligned with Onomy's vision.
Onomy has inspired contributors, backers, and partners around the globe. This blend of unique perspectives shares the common goal to build a DAO with public infrastructure to serve the core tenant of crypto - self-custody - without sacrificing user experience,Onomy’s tweets read.
Commenting on the investment Lalo Bazzi, co-founder of Onomy, said the goal of building a decentralized autonomous organization with a public infrastructure should serve the “core tenant of crypto — self-custody — without sacrificing on the user experience.”
The funding comes at a time when the crypto market is still in the red, mostly due to the collapse of the FTX exchange, with Bitcoin trading at $16,535.09 press-time.
A recent survey sponsored by Coinbase shows that despite the problems 62% of surveyed institutional investors with crypto investments increased their crypto investments in the past year.
Previously GNCrypto reported that the self-custodial wallet trust wallet launched a browser extension and secured new integrations.
