Pandora Finance’s $2.4M raise helps spearhead open finance protocol

“Adoption has never been affected and never been stopped. The right product always gets adopted irrespective of market conditions,” said Pushkar Vohra, CEO of Pandora Finance.

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

Vohra believes 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 said, adding:

“There are around $300 trillion of real-world assets which are illiquid. Pandora’s vision is to bridge those off-chain assets to the on-chain ecosystem with an effective business model.”

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

Related: NFT market projected to double by October as trading volume surges

There’s still a lot of work to be done before traditional finance — and the trillions of dollars siloed there — can embrace decentralization’s promise of open finance. A lack of innovation and decades-old legacy systems may prevent traditional financial markets from making the transition.

Vohra touted his firm’s piNFT tool as a way to bring liquidity to real-world assets, something he considers to be essential for open finance to flourish:

“We at Pandora are working on fueling open finance adoption more and more with our latest innovation.”

He continued:

“There are many assets that our traditional financial institutions do not recognize. There is centralization around decisions when it comes to classifying the assets and trading them. Pandora will help end-users to expand the horizon of recognizing real-world assets and inducing liquidity in them via piNFT.”

Pandora’s $2.4 million seed raise, which was completed in May, had participation from at least 15 organizations and several other angel investors. Genesis Block, AU21 Capital, Spark Digital and Protocol Ventures were among the participants.

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Google Finance adds dedicated ‘crypto’ tab featuring Bitcoin, Ether, Litecoin

Crypto continues to enter mainstream usage. Google Finance users can now get a quick rundown of the top cryptocurrency prices with just one click.

Google Finance has added crypto prices to the finance.google.com domain. The section, titled “Crypto,” now appears in the “Compare Markets” category alongside conventional stock and currency markets. The section provides key pricing information for various cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).

Google Finance users can now track the performance of various cryptocurrencies in just one click.

Google’s parent, Alphabet, also owns video platform YouTube — which has consistently irked crypto users by banning educational and news content, often seemingly at random. Cointelegraph and CoinDesk, the two largest publications in the crypto news space, have both been subject to suspensions that have subsequently been overturned after the video streaming platform confirmed they were not in violation of YouTube’s terms of service.

The cryptocurrency market has attracted mainstream attention over the past year, as institutional investors and corporations have started to invest in the asset class. Their involvement helped launch the cryptocurrency market cap past $1 trillion in January. The crypto market cap would eventually peak north of $1.7 trillion in February before experiencing a pullback. At current values, the digital asset class is worth over $1.4 trillion.

Both retail adoption and institutional interest has been growing rapidly over the last three months. And with major firms like Tesla and Mastercard actively embracing cryptocurrencies, the need for clearer regulation is growing, according to United States Securities and Exchange Commissioner Hester Peirce.

Calls for clearer guidelines on digital assets will likely grow louder as the bull market heats up. In the meantime, Peirce says, the new Biden administration can provide a fresh look at the regulatory aspect.

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Chinese Authorities Warn About ‘Sophisticated’ Digital Yuan Scam- Promotes Access to a ‘$186M Secret’ Government Fund

Chinese Authorities Warn on 'Sophisticated' Digital Yuan-Themed Scam — Promotes Access to a '$186M Secret' Government FundAs China keeps paving the way to adopt its central bank digital currency (CBDC), scammers are also actively emerging on the scene. The police in a Chinese province are now warning about a “sophisticated” CBDC-themed scam. Bogus Platform Is Set to Be Launched in March, Say Scammers According to a post from the cybercrime unit […]
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177-Year-Old Swiss Bank Bordier to Offer Bitcoin and Other Crypto Trading Services

177-Year-Old Swiss Bank Bordier to Offer Bitcoin and Other Cryptocurrencies Trading ServicesA 177-year-old bank in Switzerland has enabled cryptocurrency trading within its services, with expectations to expand. Bordier & Cie SCmA added bitcoin and other cryptos to its list of services by partnering with a well-known domestic crypto player. Bordier Customers Can Also Buy and Hold Other Cryptos According to the announcement, the Swiss bank, founded […]
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Simplex and Skrill Broaden Cryptocurrency Convenience by Launching New Onramp Solutions

As enthusiasm for cryptocurrency mounts amid strong demand from retail and institutional investors, financial service providers Simplex and Skrill are building more inroads into the ecosystem, focusing on improving transactability and convenience. The digital payment services continue to expand the accessibility of the cryptocurrency landscape by backing direct token withdrawals and support for in-browser wallets. […]
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