Bitfinex, Ava Labs raise $10M for DeFi technology amid market turmoil

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As the ongo­ing bear mar­ket in cryp­tocur­ren­cies con­tin­ues, investors con­tin­ue to find attrac­tive projects to invest in, demon­strat­ing that this mar­ket is, in real­i­ty, a builders’ mar­ket. Despite the present mar­ket con­di­tions, investors con­tin­ue to find promis­ing projects to invest in.

In order to devel­op its ground-break­ing pro­to­col, the ecosys­tem known as Ono­my, which is dri­ven by the Cos­mos blockchain, has recent­ly suc­cess­ful­ly crowd­fund­ed mil­lions of dol­lars from var­i­ous investors.

The pur­pose of the project is to inte­grate decen­tral­ized finance (DeFi) with blockchain tech­nol­o­gy in order to bring the for­eign exchange mar­ket onto the dis­trib­uted ledger.

Accord­ing to the peo­ple who ini­ti­at­ed the project, the most recent invest­ment round was a suc­cess, and it was able to suc­cess­ful­ly raise $10 mil­lion from sig­nif­i­cant play­ers in the indus­try. Some of these sig­nif­i­cant play­ers include Bitfinex, Ava Labs, the Mak­er Foun­da­tion, and CMS Hold­ings, amongst others.

Accord­ing to Lalo Bazzi, one of the co-founders of Ono­my, the pri­ma­ry goal of con­struct­ing a decen­tral­ized autonomous orga­ni­za­tion with a pub­lic infra­struc­ture should be to sup­port the “core ten­ant of cryp­to,” which is self-cus­tody, with­out sac­ri­fic­ing the user expe­ri­ence. This can be accom­plished with­out com­pro­mis­ing the secu­ri­ty of the network.

Both decen­tral­ized finan­cial insti­tu­tions (DFIs) and self-cus­tody have emerged as promi­nent top­ics of con­ver­sa­tion among the cryp­tocur­ren­cy com­mu­ni­ty as a direct result of the FTX liq­uid­i­ty-bank­rupt­cy episode.

Despite the fact that anoth­er dif­fi­cult year is antic­i­pat­ed accord­ing to esti­mates made for the industry’s not too dis­tant future, the sec­tor will con­tin­ue to draw the atten­tion of investors.

The results of a sur­vey that was con­duct­ed between Sep­tem­ber 21 and Octo­ber 27 of this year and was spon­sored by Coin­base indi­cate that insti­tu­tion­al investors are still inter­est­ed in the industry.

It was dis­cov­ered that 62% of the insti­tu­tion­al investors who were ques­tioned and who had cryp­tocur­ren­cy hold­ings increased such hold­ings over the course of the pre­ced­ing year.

On Novem­ber 9, just a few days after the FTX event came to light, Cathie Wood of ARK Invest­ment raised the company’s exist­ing shares in Coin­base by an addi­tion­al $12.1 mil­lion. This was done by ARK Investment.

In addi­tion, finan­cial insti­tu­tions con­tin­ue to show inter­est in the sec­tor, as evi­denced by JP Morgan’s use of DeFi for inter­na­tion­al trans­ac­tions and BNY Mellon’s cre­ation of its very own Dig­i­tal Asset Cus­tody Plat­form, both of which are exam­ples of how JP Mor­gan and BNY Mel­lon are par­tic­i­pat­ing in the industry.

Despite this, there is a body of evi­dence that projects the blockchain indus­try will con­tin­ue to con­front adverse set­tings, which have the poten­tial to endure into the next year. These envi­ron­ments include:

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