CDS Startups Cosmos-Based DeFi Protocol Onomy Has Received a $10M Investment!
Startups

Cosmos-Based DeFi Protocol Onomy Has Received a $10M Investment!

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Cosmos-Based DeFi Protocol Onomy Has Received a $10M Investment!
Cosmos-Based DeFi Protocol Onomy Has Received a $10M Investment!

Onomy, a Cosmos-based decentralized finance protocol, has raised $ 10 million in a private token financing round.

About the Investment Round

According to the statement made by Onomy, while there were no leading investors in the investment round, it was stated that among the investors participating in the tour were important to fund companies such as Bitfinex, GSR, Ava Labs, CMS Holdings and DWF Labs. Onomy Co-Founder Lalo Bazzi said in a statement that the funds were secured thanks to future tokens through a simple agreement.

About Onomy

Onomy has been in development since December 2020. When asked about two years later why he had raised funds, Bazzi said that capital had been raised in the last two years to finance the development of the project and that he had finally closed the round. He added that this is the last round of investment before the main network launch.

Onomy aims to combine the DeFi and forex markets. Among their promises to the ecosystem are a Layer 1 blockchain network and a blockchain bridge, as well as a decentralized exchange called Onex and a non-custodial mobile wallet.

“Products that are built now-agnostic way to add support for other blockchains and protocols we have partnered with Polygon, such as Avalanche, and a seamless user interface and user experience to bring IOTA to the cross-chain and multi-chain world,” Onomy co-founder Lalo Bazzi

With the new funding at his disposal, Bazzi plans to continue developing the protocol and “methodically” scale up the team. There are currently 15 full-time employees working for Onomy, but Bazzi added that he plans to add more developers in the near future.

Going Live on Mainnet

Onomy’s main network will be launched in the coming days. The statement said that the test network has processed more than 800,000 transactions and serves 40,000 different users.

After the main network launch, Onomy will transform itself into a decentralized autonomous organization, or DAO, and will offer holders of its native token NOM the opportunity to vote on new decisions to be taken.

Cosmos is an  ecosystem of separate blockchains working with the ability to exchange value between them. According to DeFiLlama, the total value locked in blockchains in the ecosystem is approximately $1.17 billion. Paolo Ardoino, CTO of Bitfinex, said in a statement that Onomy’s products have the potential to gain a very important role in Cosmos.

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References

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Written by
yagiz

Yağız became interested in finance while studying international relations at Osmangazi University in 2014. He met blockchain technology in 2020 and never looked back. He is currently trying to participate in all blockchain events held in his region and develop himself in the field of blockchain.

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