Ava Labs Cryptocurrencies Investments defi DEX Ava Labs

DeFi protocol raises $10M from Bitfinex, Ava Labs despite turbulent market

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The ongoing crypto bear market has proven itself to be a builders market as investments continue to find projects with promise.Onomy, a Cosmos blockchain-based ecosystem, just secured millions from investors for the development of its new protocol.

The project merges decentralized finance (DeFi) and the foreign exchange market to bring the latter on-chain.According to the developers, the latest funding round garnered $10 million from big industry players such as Bitfinex, Ava Labs, the Maker Foundation and CMS Holdings among others.

Lalo Bazzi, co-founder of Onomy, said the underlying 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.”Both DeFi and self-custody have been hot topics in the crypto community due to the FTX liquidity-bankruptcy scandal.

Some experts have said that one of the major lessons to take away from the situation is the value of DeFi platforms compared to centralized gatekeepers.Related: Bank for International Settlements will test DeFi implementation in forex CBDC marketsForecasts for the near future of the industry have shown a mixture of another tough year while still holding investors’ interest.According to a Coinbase-sponsored survey that was conducted between Sept.

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