Onomy Protocol today announced the closing of a $10 million round to bolster the launch of its upcoming protocol. The Cosmos-based ecosystem aims to create a fintech shell for retail DeFi users, as well as create a bridge between DeFi and the global currency market.
The round was attended by BitFinex, GSR, Avalanche Foundation, UDHC, Strangelove, CMS, Arcanum, Kyros, Cosmostation, Citadel.One, Forbole, X-Chain Alliance, GD10 and many others.
The Onomy Protocol suite of products includes a hybrid DEX (Onomy Exchange) that has an order book user interface and market and limit order functions, a multi-chain wallet (Onomy Access) that stores assets without custody and offers government and multi-protocol 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 begin to create a guaranteed stablecoin economy to allow Forex to thrive on-chain.
Key to Onomy’s mission is to abstract 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 maintaining full decentralization.
Lalo Bazzi, co-founder of Onomy, stated that “Onomy has inspired collaborators, sponsors and partners around the world. This combination of a single and distributed perspective shares the common goal of building a decentralized autonomous organization with public infrastructure to serve the primary tenant of cryptography (self-custodial) without sacrificing 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 on-chain treasury governance. I am incredibly grateful for Onomy’s NOMad community and excited for the convergence of DeFi and Forex.“
The release of the protocol comes after 2 years of intense development work. Onomy is encouraged by the success of its test network, which completed 800,000 transactions and registered 40,000 unique users. Based on the results, Onomy is accelerating the mainnet launch, with the project launching next week.
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