Onyx DAO, in collaboration with Chain Global, has received a $40 million commitment from the global investment group, LDA Capital Limited, to expedite the development of its product roadmap, enhance the adoption of lending market tools, and expand the ecosystem. The funding will also aid in the growth acceleration plans of the Onyx Protocol ecosystem and developers building on Onyx.
According to Onyx, the partnership with LDA Capital will be mutually beneficial and assist both firms in solidifying their leadership in the decentralized lending space. The involvement of reputable institutional partners like LDA provides additional affirmation of Onyx’s vision, strategy, and technology.
Anthony Romano, Managing Partner at LDA Capital Ltd, expressed enthusiasm for Onyx’s progress in the DeFi space. “Along with the financial commitment, LDA Capital will offer strategic advice and support to aid Onyx in maintaining their position as leaders in the industry. The DeFi market is currently valued at 174 billion US dollars and continues to expand. Although lending markets are already an integral part of traditional tech and finance, Onyx is at the forefront of incorporating lending markets into blockchain technology via DeFi. This presents a significant opportunity to enhance the quality and relevance of DeFi services. Furthermore, Onyx’s recent performance has consistently demonstrated its effectiveness in protecting against bear markets, which further affirms the validity of the technology they are developing.”
Onyx believes that partnering with pioneering institutional partners like LDA Capital will benefit both firms and assist them in consolidating their leadership position in Decentralized Finance. It also provides further validation of their vision, strategy, and technology.
About Onyx Protocol
Onyx Protocol is an innovative cross-token decentralized liquidity platform that enables users to borrow and supply NFTs and cryptocurrencies all in one place. The platform is powered by Onyxcoin ($XCN), which serves as the utility and governance token. With Onyx, users have access to a decentralized money market across the blockchain. Additionally, XCN holders have the opportunity to participate in the Onyx DAO and Governance, giving them the power to suggest improvements and changes to the protocol. This unique approach to governance ensures that the platform continues to evolve to meet the needs of its users. Overall, Onyx Protocol offers an all-in-one solution for accessing liquidity in a decentralized and user-controlled environment.
About LDA Capital
LDA Capital is a global alternative investment group with expertise in cross-border transactions worldwide. Our team has dedicated their careers to international & cross-border opportunities having collectively executed over 250 transactions in both the public and private middle markets across 43 countries with aggregate transaction values of over US$10 billion.