NFT-backed real-world assets and decentralized platform Pandora Finance has successfully completed a multi-million dollar seed round, getting backing from some of the biggest names in the blockchain space.

With the success, Chief Executive Officer Pushkar Vohra believes the project is in a very good position to fulfill its aim of creating a bridge that will connect blockchain with the illiquid space of real-world assets.

He believes that the gap, if left as it is, will present itself as the biggest challenge or hindrance for the adoption of decentralized technologies.

“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,” the CEO said.

Pandora’s business model

The decentralized platform’s model focuses on tokenization of illiquid assets, allowing them to be owned and traded in a secure and decentralized method.

To complete the process, a middleware solution that is based on non-fungible tokens or NFTs is leveraged by Pandora.

Instead of engaging into competition with other NFT marketplaces for liquidity, Pandora aims to help them by providing more liquidity.

Vohra believes there is still a lot of work that needs to be done in order for the traditional finance system to fully embrace decentralization’s promise of open finance and the lack of innovation and decades-old legacy systems could prevent the transition.

The multi-million haul

In completing its seed round last month, Pandora was able to raise $2.4 million. It was participated by at least 15 organizations as well as several angel investors.

Some of the notable contributors to the fundraising success include Genesis Block, Au21 Capital, Spark Digital and Protocol Ventures, among others.

With the funds, Pandora Finance is hoping to provide what it promises to bring into the decentralized finance sector.

Image courtesy of Cointelegraph News/YouTube

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinerx.com/bitcoin/decentralized-platform-pandora-finance-raises-2-4-million-in-capital-seed-round/