The ongoing crypto bear market has proven itself to be a construction market as investments continue to find promising projects.

Onomy, an ecosystem based on the Cosmos blockchain, just received millions of dollars from investors to develop its new protocol. The project merges decentralized finance (DeFi) and foreign exchange markets, bringing the latter on-chain.

According to the developer, the latest funding round brought in $10 million from big industry players including Bitfinex, Ava Labs, Maker Foundation and CMS Holdings.

Onomy co-founder Lalo Bazzi said the fundamental goal of building a DAO with a public infrastructure should serve “the core tenant of cryptocurrency — self-custody — without sacrificing user experience.”

DeFi and self-custody have been a hot topic in the crypto community due to the FTX liquidity bankruptcy scandal. Some experts say that one of the main lessons to be learned from this situation is the value of DeFi platforms compared to centralized gatekeepers.

related: BIS to Test DeFi Implementation in Forex CBDC Market

Near-term forecasts for the industry point to another difficult year, but interest from investors nonetheless.

According to a survey conducted by Coinbase between Sept. 21 and Oct. 27, institutional investors remain enthusiastic about the space. It revealed that 62% of institutional investors surveyed for investing in cryptocurrencies have increased their positions over the past year.

On Nov. 9, just days after the FTX scandal, ARK Investment’s Cathie Wood added an additional $12.1 million to the firm’s existing stake in Coinbase. Additionally, banks continue to show interest in the sector, with JPMorgan Chase using DeFi for cross-border transactions and BNY Mellon launching its own digital asset custody platform.

Nonetheless, several studies predict that the blockchain industry will continue to face difficult conditions, which are likely to continue into the coming year.