Bitfinex and Ava Labs raise $10 million for DeFi technology amid market turmoil

As the cryptocurrency bear market continues, investors continue to find attractive projects to invest in, proving that this market is indeed a builders market. Despite current market conditions, investors continue to find promising projects to invest in.

In order to develop its innovative protocol, the ecosystem known as Onomy, which is powered by the Cosmos blockchain, has recently successfully funded millions of dollars from various investors.

The purpose of the project is to integrate decentralized finance (DeFi) with blockchain technology to bring the foreign exchange market to the distributed ledger.

According to the people who started the project, the most recent investment round was successful, raising $10 million from major industry players. Some of these major players include Bitfinex, Ava Labs, Maker Foundation, and CMS Holdings, among others.

According to Lalo Bazzi, one of the co-founders of Onomy, the main goal of building a decentralized autonomous organization with a public infrastructure should be to support the “primary tenant of cryptocurrency”, which is self-custody, without sacrificing the user experience. . This can be achieved without compromising the security of the network.

Both decentralized financial institutions (DFIs) and self-custody have emerged as prominent topics of conversation among the cryptocurrency community as a direct result of the FTX bankruptcy and liquidity episode.

Despite the fact that another difficult year is expected according to estimates made for the not too distant future of the industry, the sector will continue to attract the attention of investors.

The results of a survey that was conducted between September 21 and October 27 of this year and that was sponsored by Coinbase indicate that institutional investors are still interested in the industry.

It was found that 62% of institutional investors surveyed who held cryptocurrency holdings increased their holdings over the course of the previous year.

On November 9, just days after the FTX event went live, ARK Investment’s Cathie Wood increased the company’s existing shares on Coinbase by an additional $12.1 million. This was done by ARK Investment.

In addition, financial institutions continue to show interest in the sector, as evidenced by JP Morgan’s use of DeFi for international transactions and BNY Mellon’s creation of its own digital asset custody platform, both of which are examples of how JP Morgan and BNY Mellon are participating in the industry.

Despite this, there is evidence that blockchain industry projects will continue to face adverse scenarios, which have the potential to last well into next year. These environments include:

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