Onomy Protocol, a Cosmos-based ecosystem aiming to converge Forex and Decentralized Finance, has raised $10 million in a private round.
The private funding round attracted investment from leading venture funds, exchanges, market makers, validators, and angels in Web3, including the former executives from the Maker Foundation (bootstrapped MakerDAO) at UDHC, Bitfinex, GSR, Avalanche Foundation, Galileo, Strangelove, CMS Holdings, Binary Holdings, Arcanum, DWF Labs, Cosmostation, Citadel.One, Forbole, X-Chain Alliance, Kyros, GD10, among others.
As a vertically-integrated ecosystem, Onomy is building an infrastructure layer, cross-chain bridge hub, novel hybrid DEX (fusing an AMM with an orderbook UI for advanced orders), multi-chain wallet (with support for multi-protocol staking & governance and NFTs), alongside a decentralized and well-collateralized stablecoin economy.
Onomy wants to simplify DeFi by abstracting away its intricacies, plagued by the need to rely on multiple protocols and browser extensions to manage and trade assets.
Its methodical approach enables advanced composability and unlocks cross-chain capabilities through the built-in bridge hub and IBC compatibility, with all products to be accessible from a singular, decentralized interface.
Onomy has already announced partnerships with Avalanche Network, IOTA’s Shimmer, Polygon, Aurora on Near, and others, with more to be revealed in the coming months. These integrations will expand the interchain, serve loyal liquidity, and offer deployment opportunities for the protocol’s upcoming stablecoins.
Lalo Bazzi, co-founder of Onomy, stated: “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.”
Paolo Ardoino, CTO at Bitfinex, stated “Onomy is building infrastructure and has a suite of products that have the potential to play a pivotal role in Cosmos, a vibrant ecosystem in the digital token space. We’re looking forward to its mainnet launch.”
Brin Avello, Chief Legal Officer at UDHC, said “We believe there is ample room in the Cosmos ecosystem for the Onomy team’s suite of products, from easily minting and trading stables cross-chain, to their novel hybrid DEX Model. Moreover, we continue to be impressed with their laser-like focus on building consumer-friendly applications and their ability to deliver. The UDHC sees Onomy becoming an integral part of the growing Cosmos universe and look forward to their mainnet launch.”
Onomy said in a press statement that it has been working on its vision since December, 2020. After a successful testnet of the initial products seeing over 800K transactions and 40K unique users, the protocol has decided to accelerate mainnet launch.
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