OroPocket at GITEX Technology Week: New Product Updates
OroPocket participated at the GITEX Technology Week this year. The event took place from 17 – 21 Oct, at the Future Blockchain Summit where we got a chance to bring next-gen asset tokenization to Dubai and share more on how we can help users grow their wealth.
Future Blockchain Summit was launched in 2018 by the Dubai Government, and is the first and largest Blockchain exhibition and conference in the MENA region, bringing together the community’s brightest minds, most game-changing startups, and powerful investors for four days of networking, investing, and education centered on Blockchain, the most disruptive technology since the internet. So, here’s a recap of the event and what’s coming ahead for OroPocket and OpenDefi.
Who Are We?
OroPocket is a blockchain-based finance platform that enables users to engage in 100% asset-backed banking. Users can invest in different asset types and utilize financial services on a single platform. We have integrated real-world assets with DeFi by developing the OpenDefi protocol, which enables cross-chain value generation and allows users to get flash loans or yield on their holdings.
So far, we have tokenized gold and silver in such a manner that the tokens actually represent the rights to the underlying asset themselves. They are backed by gold, but they have an auditor, a custodian, and an insurer. So even in the worst-case scenario, if the company goes under, the assets still would be owned by the end-user. We intend to add more asset classes to the platform. Currently, we are available on three different chains – Tezos (we were the first gold back token on Tezos), Polygon, and Ethereum. We are trusted by nearly 10,000 users who are actively using our platform.
With OroPocket, users can actually spend gold in real-time using our UPI functionality. Upon using our platform you will be able to experience the seamless integration of the traditional world with Blockchain.
We were the first project that got incubated by TDeFi, apart from this, we are incubated at IIT Delhi. IIT Delhi provides us technical support, support for hiring, and other things. Whereas for cryptocurrencies, we have TDeFi. We are backed by some of the top ventures and funds led by AU21 Capital.
So now coming about the new product updates, our CEO & Co-Founder, Mohit Madan spoke about the upcoming product releases for OroPocket and OpenDefi.
#Upcoming Release: 1
The first release is the Asset-backed NFTs.
99% of the NFTs and at least like some of us can agree there, even debate about it, are not going to survive the market. So this massive gap between NFTs being super awesome and them going absolutely to zero, there is a massive bridge to be filled. This is where we come in: the NFTs that we are creating are actually backed by gold. You can think of it as a commemorative coin, in which the NFT itself has the gold tokens. So you can literally send that NFT to somebody, and they will get the tokens as well. That person can either trade that NFT, keep it or actually burn it and get the gold tokens out. These gold tokens are actually exchangeable for real 24 karat gold. The governance of the asset-backed NFTs would be managed using $ORO.
#Upcoming Release: 2
The second release is the INR-backed Token: INRO. This is one of our most important releases that are coming along in January next year. Now much like gold and silver, where we have been able to master the art of the tokens representing the right of the asset, INRO is backed by government securities and treasury bills. So in the worst-case scenario as well, the tokens would always represent the right to the asset.
Apart from all the stable coins that currently exist like USDC, USDT, which have like $80 billion of locked value currently in DeFi, we have added a functionality on top of it, which allows users or developers to create a time lock or for that matter a purpose lock. INRO is not just an INR-backed token, it’s a stable coin. This once amalgamated with IndiaStack and credit cards, debit cards, and UPIs would allow us the functionality to scale blockchain to an end consumer.
#Upcoming Release: 3
The third release is the TestNet in January. It is basically a synthetics and derivative platform targeted towards early and rising markets. The idea here being that the end consumer itself should have a right to choose which assets they want to trade. But with TestNet you would be able to trade Nifty 50, or Bombay Stock Exchange stocks, and various other stocks.
We are building it on Polygon allowing us to make the entire experience gasless. Add to it, the support for OroPocket that exists for payment gateways in 153 countries and suddenly you have this massive surge of derivatives and synthetics actively getting traded.
The asset classes that would be minted on our synthetics platform would be done using $ORO. So you’d be able to take the $ORO tokens and start getting or minting various asset classes on our synthetics platform.
This economy is only at 2 trillion and we need to create products offerings, as well as include users, so we can let it to a 20 trillion economy just in the next one and a half, two years. A lot of new users have been adding actively not just on our platform, but the entire ecosystem itself. We hope to be working closely with newer projects so we can integrate them with us and together build an ecosystem big enough and saturated enough which can allow new projects and innovation to grow.