The World’s 6.6 Trillion per Day Forex Market Will Migrate On-Chain –

Stablecoin adoption has soared, with a market worth that has risen from roughly $10 billion to over $100 billion. Stablecoins are now the crux of lending and credit markets, whereby yield is over 100x that offered by savings accounts at banks. Users may mint, trade, and lend stablecoins while accessing crypto assets from multiple blockchains – all on a single platform, the exchange. We must also remember that every single person on earth wishes to manage their own private key.

Ishan Pandey

Crypto Veteran. Tokenization, DeFi and Security Tokens – Blockchain.

Ishan Pandey: Hi Lalo Bazzi, welcome to our series “Behind the Startup.” Please tell us about yourself and the story behind Onomy Protocol?

Lalo Bazzi: Hi Ishan, thank you for the invitation! I formerly worked at Fidelity Investments, followed by Microsoft as a cloud strategist for government agencies. During my time there in 2017, the blockchain hype cycle led me down the blockchain path in the enterprise world – where I met fantastic future team members from Nvidia, AMD, Cisco, Google, and others. We 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 of our partners were looking for additional revenue sources and use-cases for their infrastructure, so our team pivoted back to our roots – the cloud. We set out to build a decentralised cloud network that we bootstrapped using our previously-acquired partnerships.

This is where we built many of the great technologies that power Onomy Protocol, including Equity, our custom consensus mechanism, and Natural Rights, a non-custodial private key management and device authorisation suite that leverages proxy re-encryption to enable a single sign-on the non-custodial wallet to manage assets from multiple blockchains.

We came to be through our belief in three fundamental truths. First, the new paradigm of finance whereby national currencies will migrate on-chain is not only inevitable but imminent. Second, stablecoins are the vehicle that will onboard liquidity from traditional institutions with significantly less friction. Lastly, with many prominent and talented blockchain ecosystems, the future of decentralised finance is cross-chain.

With our technologies and beliefs, the protocol set out to bridge traditional finance and decentralised finance by leveraging the proliferation of stablecoins by bringing Forex on-chain through a cross-chain DEX with a hybrid order book & automated market maker solution. Users may mint, trade, and lend stablecoins while accessing crypto assets from multiple blockchains – all on a single platform, the exchange.

Ishan Pandey: Over the last year, Stablecoin adoption has soared, with a market worth…