Onomy grabs millions of funding amid bear sentiment in the market

Image: Shutterstock

Onomy, a Cosmos blockchain-based ecosystem, recently raised $10 million in funding for the development of its new protocol. Leading investors participated in the round. Bitfinex, the Maker Foundation, GSR, Ava Labs, CMS Holdings, and DWF Labs were among them. The round, however, did not have a specific lead investor.

The underlying goal of building a decentralised autonomous organisation with a public infrastructure, according to Onomy co-founder Lalo Bazzi, should serve the "core tenant of crypto — self-custody — without sacrificing the user experience."

Onomy intends to integrate the DeFi and foreign exchange markets. Its products include the Onex decentralised trading platform and non-custodial wallet, as well as a Layer 1 blockchain network and cross-chain bridge.

According to Bazzi, "Products are built in an agnostic way to add support for other blockchains and protocols we have partnered with, such as Polygon, Avalanche, and IOTA to bring a seamless user interface and user experience to the cross-chain and multi-chain world."

Since December 2020, Onomy has been in development. When asked why it raised funds nearly two years later, Bazzi explained that the project had been raising capital for the last two years to fund the development of its products and is now closing the round. He also stated that this is the final raise before the mainnet launch. With the new funding, Bazzi intends to improve the protocol and 'methodically' scale the team. Onomy currently has 15 full-time employees, and Bazzi plans to hire more developers in the near future.