Cosmos Ecological DeFi Protocol Onomy Completes $10 Million Financing

This article comes fromThe Block, original author: Yogita Khatri

Odaily Translator |

This article comes from

, original author: Yogita Khatri

Odaily Translator |

Onomy, a Cosmos-based DeFi protocol, announced the completion of a $10 million token private placement financing.

The round was backed by investors including Bitfinex, GSR, Ava Labs, CMS Holdings, DWF Labs and others, Onomy said Wednesday, adding that there was no lead investor. Onomy co-founder Lalo Bazzi told The Block that this round of financing was completed based on the Simple Agreement for Future Tokens (SAFT).

Onomy aims to integrate the DeFi market and the foreign exchange market. Onomy's products include layer-1 blockchain networks, blockchain bridges, decentralized exchange (DEX) Onex, and non-custodial mobile wallets.

Lalo Bazzi said, "These products are built in an agnostic way to add support for other blockchains and protocols we work with, such as Polygon, Avalanche and IOTA, to bring silky seamlessness to the cross-chain and multi-chain world user interface and user experience."

By leveraging the latest funding, Lalo Bazzi plans to continue enhancing its protocol and scaling its team "systematically." A total of 15 full-time employees currently work at Onomy, and Lalo Bazzi hopes to add some developers in the near future.

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The main network will be launched soon