[New York] Pandora Finance today announced that they have successfully closed their $2.4m seed round. The Pandora team received pledges from some of the most visible investors within the crypto space and closed the round oversubscribed by 5x
The sale round concluded with Pandora selecting some of the most well-respected investors within the crypto space. Pandora’s strategic investors include Zokyo Ventures, Exnetwork, Genesis Block, Spark Digital Assets, AU21, x21, NGC, A195, Protocol Ventures, Genblock, Magnus Capital, Chain Asset Capital, Amesten, Crypto Dorm Fund and Master Ventures and accredited individual investors like Danish Chaudhari (Bitcoin.com)
“GBV has been following the NFT developments closely. In Pandora, we find a unique and innovative solution to bring liquidity to the NFT ecosystem. This represents a major breakthrough in the potential use cases for NFTs!”
— Leslie Tam, Genesis Block Ventures Co-Founder and Partner.
Overview
Pandora Protocol is a hybrid Open Finance solution for problems faced by both traditional finance, and decentralised finance. By creating a bridge between real-world and on-chain assets, this protocol allows for the tokenization of illiquid assets - meaning they can be found, traded and owned in a secure, decentralized way.
NFTs have been increasingly popular over the last 12 months; however, the lack of liquidity has been a growing concern for many. Pandora's middleware solution induces liquidity in the NFT ecosystem for any NFT platform; this can come in the form of tokenized real-world assets, through to digital asset NFT's. Pandora offers significant advantages over other marketplace enablement technologies because instead of competing with other NFT platforms for liquidity, they are helping other platforms grow just by inducing liquidity into them.
It is this technology that sits at the heart of Pandora protocol’s future value. Imagine being able to have a marketplace where both digitally native and real-world assets could find liquidity, accurate pricing while also continually being updated with relevant on-chain data. This would add significant utility and purpose to the NFT space and allow them to be swapped, traded or borrowed.
What is coming up next?
Not content with opening up marketplace liquidity to real-world assets, Pandora is currently working on a unique new standard they are naming PiNFT. This hybrid standard, which has the functionality of both fungible and non-fungible tokens, works by wrapping NFTs around something with intrinsic value; such as DAI. This can then be traded on Uniswap, Maker and AAVE - effectively enabling NFT cross-chain trade on a huge number of platforms.
Looking ahead to the remainder of 2021, the Pandora team will be continuing to improve the product and establish even more partnerships to grow the protocol’s effective reach. In the meantime, the team behind Pandora is gearing up for their IDO (Initial DEX Offering).
