DeFi Protocol Secures $10M Funding Amid Crypto Market Turbulence

By November 24, 2022DeFi
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Despite the ongoing bear market trend, investments in the crypto space have continued to rise. Many projects continue to get funding from established investors. For example, a protocol based on the Cosmos network has raised $10 million from investors to expand its ecosystem.

Onomy Raised Millions From Bitifinex And Ava Labs

Furthermore, the Cosmos-based network is developing another protocol focusing on decentralized finance (DeFi) and the forex market to streamline the two sectors into a single on-chain platform.

The project’s developers have raised $10 million from some of the industry’s top players, like Bitfinex and Ava Labs. CMS Holdings, the Maker Foundation, and others.

The co-founder of Onomy, Lalo Bazzi, discussed the motive for developing a decentralized autonomous organization (DAO) on a public system. According to him, it is to stick to the core principle of cryptocurrency, self-custody, without downplaying the importance of the user experience.

Meanwhile, due to liquidity issues, DeFi and self-custody remain a hot discussion topic among crypto enthusiasts in the aftermath of the FTX collapse. However, some of the industry experts opined that the main lesson from the FTX is the importance of DeFi platforms over centralized networks.

Interestingly, predictions for the industry’s future show that there will be a blend of rough patches and investor attraction to crypto assets in the coming year. A recent sponsored survey from the American crypto exchange Coinbase shows that institutional investors are not giving up on the space.

The popular crypto exchange conducted the survey between September and October 2022. The survey also indicates that 62% of the institutional players involved in the study increased their crypto investment portfolios over the past year.

A few days after the FTX scandal became public knowledge, Cathie Wood of the ARK Investment platform plowed an additional $12.1 million into the firm’s shares in Coinbase.

Moreover, even traditional banks’ interest in crypto tokens is rising, with JP Morgan adopting DeFi for its cross-border transactions and BNY Mellon unveiling its Digital Asset Custody Platform.

Billionaire Tim Draper Bullish on Bitcoin in 2023

Meanwhile, the billionaire venture capitalist and blockchain investor, Tim Draper, revealed that he is not giving up on his prediction of Bitcoin’s price for the near term, despite the current market crisis.

Draper added that he would stick to his forecast that Bitcoin will likely hit $250,000 next year, even as the market continues to bleed following the FTX fiasco. In a recent interview, the billionaire stated that “there is no change to the $250,000 price prediction by early 2023.”

The crash of the FTX crypto exchange has left many in the industry unable to make sense of what has happened to the once-vibrant firm. However, Draper noted that the recent spike in the price of Bitcoin has nothing to do with the FTX issue.

“Bitcoin is a decentralized network, while FTX is not,” added the billionaire. However, only some identified as Bitcoin minimalists hold the same optimism about the price of Bitcoin.

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