Onomy Secures $10 Million in Funding from Major Crypto Market Contributors

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It has been almost a year since the overall cryptocurrency market has remained bearish. It is quite shocking that with every passing month in the year 2022, the crypto market has continued getting more bearish.

It is quite common to see a change in the behavior of investors whenever a bearish trend sticks around for a while. Most of the investors leave the cryptocurrency markets and wait for the storms to settle.

They come back to the cryptocurrency industry only when things start moving toward recovery. Prior to the year 2022, the entire process would take around a couple of months.

Unfortunately this time, the situation has only gotten worse as many investors have left the market for good.

In just a year, the entire crypto valuation has narrowed down from a high of $2.7 trillion to around $8.23 billion.

Major Crypto Firms are Gaining

Although small and medium-level investors are leaving the cryptocurrency markets, the major market investors have found it to be the best investment opportunity.

During the market downfall, they have decided to make huge investments in firms that have the potential to shine in near future.

For the major crypto market investors, the bearish market is the best opportunity as they consider it to be a builder’s market.

Onomy has secured a Huge Fund

Onomy has proven to be a project that many major crypto investors are considering to be a promising protocol. It is an ecosystem that has been launched through the Cosmos blockchain.

The firm is turning out to be a promising investment for major investors so they have invested millions into it. The firm has announced that it will be working on the development of a new protocol with the funds.

Onomy has announced that its aim is to bring the foreign exchange (forex) market to the decentralized finance (DeFi) industry. They want to achieve this by merging both technologies and markets.

Funds Raised by Onomy

The idea proposed by Onomy has clicked among many major investors who have helped it raise $10 million for the development of the particular project.

Among the major market players are CMS Holdings, the Maker Foundation, Ava Labs, and Bitfinex. Many other companies participated in the funding round but these entities contributed the most.

The company wants to bring more use for cryptocurrencies by pairing them with the fiat currencies from the world of forex. This will be developing an entire platform that would provide users with such a facility.

Going forward, the DeFi currencies will be paired with the forex currencies. This would launch a new segment not only for the cryptocurrency industry but also for the forex trading sector.