Cryptocurrency News

Pandora Finance’s $2.4M Raise Helps Spearhead Open Finance Protocol

Vohra believes that the gap between these two domains represents one of the biggest adoption challenges for decentralized technologies. “We are uniquely positioned to solve the biggest problem,” he added:

“There are approximately $300 trillion in real-world assets that are illiquid. Pandora’s vision is to connect those off-chain assets to the on-chain ecosystem with an efficient business model.”

Pandora’s business model revolves around the tokenization of illiquid assets, which will allow them to be traded and owned in a secure, decentralized manner. This is accomplished through a middleware solution based on non-fungible tokens, or NFT. Instead of competing with other NFT marketplaces for liquidity, Pandora’s vision is to help them grow by providing them with more liquidity.

related: NFT market expected to double by October as trading volume rises

There is still a lot of work to be done before traditional finance – and the trillions of dollars that are silent out there – can accept the decentralization promise of open finance. A lack of innovation and a decades-old legacy system could prevent traditional financial markets from making the transition.

Vohra touts his firm’s PINFT tool as a way to bring liquidity into real-world assets – something he sees essential for open finance to flourish:

“We at Pandora are working on fostering greater open finance adoption with our latest innovation.”

He continued:

“There are many assets that our traditional financial institutions do not recognize. When it comes to classifying and trading assets, decisions tend to center around. Pandora enables end users to recognize real-world assets and drive liquidity in them To help expand through piNFT.

Pandora’s $2.4 million seed raise, which completed in May, involved participation from at least 15 organizations and several other angel investors. Participants included Genesis Block, AU21 Capital, Spark Digital and Protocol Ventures.

Pandora Finance, a decentralized platform for NFT-backed real-world assets, recently completed a multi-million dollar seed round backed by some of the largest venture capital firms in blockchain. In an exclusive interview with Cointelegraph, CEO Pushkar Vohra outlined his company’s vision — namely, how Pandora Finance aims to create a bridge between real-world assets and the liquid world of blockchain.