As investments continue to uncover projects with promise, the current bear market in cryptocurrencies has shown itself to be a builders market.
The most recent investment round, according to the developers, received $10 million from major industry participants including Bitfinex, Ava Labs, the Maker Foundation, CMS Holdings, and others.
For the creation of its new protocol, Onomy, an ecosystem built on the Cosmos blockchain, has lately received millions from investors. The project combines the foreign exchange market and decentralised finance (DeFi) to bring the latter on-chain.
The core purpose of creating a decentralised autonomous organisation with a public infrastructure, according to Onomy co-founder Lalo Bazzi, should support the “core tenant of crypto — self-custody” without compromising the user experience.
Industry predictions for the foreseeable future have indicated a mix of another challenging year and investor interest.
Due to the FTX liquidity-bankruptcy incident, DeFi and self-custody have both been hot subjects in the cryptocurrency world. One of the most important lessons to learn from the scenario, according to several experts, is the significance of DeFi platforms as opposed to centralised gatekeepers.
Institutional investors are still interested in the market, according to a Coinbase-sponsored study that was carried out between September 21 and October 27. In the past year, 62% of institutional investors who had cryptocurrency investments revealed in the study’s findings had increased their positions.
Days into the FTX debacle, on Nov. 9, Cathie Wood of ARK Investment increased the company’s existing Coinbase shares by $12.1 million. In addition, banks are still interested in the market; JP Morgan uses DeFi for international transactions, while BNY Mellon just introduced its own Digital Asset Custody Platform.
However, some data indicates that the blockchain business will likely continue to face challenging circumstances in the following year.
- Despite volatile economy, DeFi inspires fresh investments
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