Cosmos-based DeFi protocol Onomy gets $10M funding

Onomy Protocol, a Cosmos-based DeFi protocol, has been able to successfully get a funding of $10 million for itself. For the uninitiated, the protocol is also a decentralized protocol for financial transactions.

This enormous success was made possible by the participation of many investors who each contributed a modest amount of their own money to a privately formed token funding round. Notable participants include Bitfinex, GSR, and Ava Labs, among others.

According to Onomy Protocol’s stated goals, the original and primary objective is to successfully connect and merge the DeFi and the FX markets. This will be made possible by the numerous products they now offer, including a DEX and a wallet.

Furthermore, trustworthy sources inside the Onomy Protocol camp have stated that, contrary to the norm, there was no real primary funder in this funding arrangement. In addition to this, the entire transaction was completed on the basis of an official understanding that the future tokens (SAFT) would be at stake. As per the credible sources, this relevant information was also thoroughly validated by Lalo Bazzi, who happens to be the co-founder of the Onomy Protocol. In addition, he is of the belief that this particular round of funding is the very last one that is necessary for the launch of the mainnet.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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