Onomy Protocol
The easy to mint, trade and lend stablecoins cross-chain.
Onomy Protocol is used to mint, trade, and lend stablecoin representations of national currencies called Denoms. Additional products and services, as detailed below, add significant functionality and exposure to liquidity. By merging blockchain technology with traditional finance and providing the fundamental infrastructure for the inclusion of these markets in the digital asset economy, Onomy achieves accessibility otherwise not possible. Furthermore, Onomy’s core goal is to provide a singular platform from which market participants can enter and exit all digital asset ecosystems In other words, the platform that makes it easy to mint, trade and lend stablecoins cross-chain.
The market opportunity is the intersection of Crypto ($100B+ in trading per 24 hours) and FOREX ($6.6T+ in trading per 24 hours). Onomy’s story begins with founder Lalo Bazzi where he worked at Fidelity then Microsoft as a cloud strategist. In 2017, the blockchain hype led Lalo down the blockchain path in the enterprise world, where he met future Onomy team members from Nvidia, AMD, Cisco, Google, and others. He went full time into blockchain in 2018 to build cryptocurrency mining hardware (like Bitcoin ASICs), garnering immense infrastructure support from miners situated globally with resources such as data centres, fiber networks, and highly efficient energy sources.
The bear market lasted far longer than many anticipated, leading to mining no longer being as economical. Many partners were looking for additional revenue sources and use-cases for their infrastructure, so the team pivoted back to their roots - the cloud. Lalo set out to build a decentralised cloud network that was bootstrapped using previously-acquired partnerships.
This is where Lalo built many of the great technologies that power Onomy Protocol, including Equity, custom consensus mechanism, and Natural Rights, a non-custodial private key management and device authorization suite that leverages proxy re-encryption to enable a single sign-on the non-custodial wallet to manage assets from multiple blockchains. Tess was introduced to Onomy Protocol through the company’s existing investors, as they know Tess is a blockchain investor in Silicon Valley.
