Onomy Protocol today announced the close of a $10M round to bolster the launch of their upcoming protocol. The Cosmos-based ecosystem is aiming to create a fintech shell for retail DeFi users as well as bridge the gap between DeFi and the global Forex market.
The round saw participation from BitFinex, GSR, Avalanche Foundation, UDHC, Strangelove, CMS, Arcanum, Kyros, Cosmostation, Citadel.One, Forbole, X-Chain Alliance, GD10, and many others.
Onomy Protocol’s suite of products includes a Hybrid DEX (Onomy Exchange) that has an orderbook UI and market and limit order functions, a multi-chain wallet (Onomy Access) that stores assets non-custodially and offers multi-protocol staking and governance and NFT support, and a cross-chain bridge hub (Onomy Arc Bridge) that connects to its many partner blockchains, including Aurora, Avalanche, Polygon, and IOTA. Once liquidity is established, Onomy will then begin creating a collateralised stablecoin economy to enable Forex to flourish on-chain.
Key to Onomy’s mission is abstracting away the complexities of DeFi. Its cross-chain ecosystem will be a clean, central hub for users to interact with DeFi through an app that feels and functions like a banking or exchange app while retaining full decentralisation.
Lalo Bazzi, co-founder of Onomy, stated that “Onomy has inspired contributors, backers, and partners around the globe. This blend of unique and distributed perspective shares the common goal to build a decentralized autonomous organization with public infrastructure to serve the core tenant of crypto – self-custody – without sacrificing on the user experience. This belief is woven into the fabric of Onomy’s products – from the Arc Bridge Hub and DEX, to the Access Mobile Wallet and governance of the on-chain treasury. I am incredibly grateful for Onomy’s NOMad community and excited for the convergence of DeFi and Forex.”
The launch of the protocol arrives after 2 years of intense development work. Onomy is emboldened by the success of their testnet, which completed 800k transactions and recorded 40k unique users. Off the back of the results, Onomy is accelerating mainnet launch, with the project to be reportedly launched next week.
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