As money is put into promising construction projects, the current drop in cryptocurrency prices has shown to be a good time to buy.
The new protocol for the Cosmos blockchain-based ecosystem, Onomy, has just raised millions from investors. The project’s goal is to bring the foreign exchange market on-chain by fusing DeFi (decentralized finance) with it.
The developers claim that $10 million was raised in the most recent funding round from prominent organizations like Bitfinex, Ava Labs, the Maker Foundation, and CMS Holdings.
Lalo Bazzi, co-founder of Onomy, says that the “core tenant of crypto,” which is self-custody, should be the driving force behind the company’s efforts to make a decentralized autonomous organization with a public infrastructure.
As a result of the FTX liquidity-bankruptcy scandal, there has been a lot of talk in the cryptocurrency community about both DeFi and self-custody. Some experts say that the most important thing to learn is that DeFi platforms are better than centralized gatekeepers.
Predictions for the next few years show a mixed bag: another challenging year and continued investor interest.
Institutional investors are still interested in the sector, according to a survey done by Coinbase from September 21 to October 27. It found that 62 percent of institutional investors who had crypto in their portfolios had bought more in the past year.
Cathie Wood, of ARK Investment, invested an additional $12.1 million on November 9—just days into the FTX scandal. Banks, such as JP Morgan, which uses DeFi for international transactions, and BNY Mellon, which has launched its own Digital Asset Custody Platform, demonstrate a continued interest in the industry.
However, there is evidence to suggest that the blockchain business may expect persistent difficulties far into next year.