This blockchain startup allows users to buy / sell digital gold and silver backed currencies

When Tarusha mittal launched his own lifestyle magazine MishMash in 2009, she did not know that her career would move away from the human sciences and focus on deep technology.

But, fate came when Tarusha’s childhood friend Mohit Madan Approached her with the idea of ​​starting a data center business, and she jumped at the chance.

“In a way, it was reckless because I didn’t come from a technological background. But the idea of ​​starting my own business was so exciting. So we launched Cloudrino. But since we were primed, we couldn’t scale it to compete with AWS and Google Cloud, ”Tarusha said in a video interaction with BlockchainStory.

But when one door closed, another opened. With the data center and cloud business on the back burner, Tarusha found time to explore blockchain and cryptocurrency.

“In 2013, we were already assembling mining rigs for crypto, and since we stopped evolving Cloudrino, we launched an Ethereum exchange named It was one of the first Ethereum exchanges in India, and we were also trying to globalize, ”she says.

A snapshot of the OroPocket app

The birth of OroPocket

In 2018, the Reserve Bank of India, in an almost overnight move, bans Indian banks from taking over crypto transactions.

This effectively signaled the start of the downtrend. ‘crypto winter’ where blockchain and crypto startups have struggled to move forward.

“We could either move our overseas operations Where to close. We needed bank support because we were a centralized exchange. We hadn’t raised any money yet, so moving abroad would have been too expensive and time-consuming, ”she says, adding:

“Rather than close, the only other option was to rotate. “

As they did with the data center company, the founders once again found themselves downsizing.

While they were shutting down, they turned to building a fintech application that recorded blockchain transactions.

This was the genesis of the Delhi-based company Oropocket – a startup that allows users to diversify their portfolios beyond traditional assets by investing in multiple digital assets such as digital gold and silver.

In addition, it offers customers financial services in addition to these investments, helping to make the assets liquid.

Tarusha explains:

“With OroPocket, users can invest in digital gold or silver, where they own the assets, but not physically. We keep gold and silver safe, but allow users to spend, buy or perform UPI transactions backed by these assets. This way we make sure that digital gold and silver are very liquid.

In early 2021, OroPocket raised $ 2 million investment of AU21 Capital, LD Capital, Rarestone Capital, Morningstar Ventures, NGC Capital NGC Capital, Alphabit, Moonwhale Ventures, Acheron Capital, Zokyo Ventures and others.

How the OroPocket model works

The 45+ member The startup keeps gold and silver reserves that are allocated to a user when they buy it digitally. Ownership and future transactions are all recorded on the Ethereum, Tezos and Polygon blockchains.

According to Tarusha, like other blockchains, they record transactions in secure public ledgers, which reassures users about the safety of their assets.

“When these transactions are recorded on the blockchain, anyone can see it, and therefore there is more transparency and security. Now, with the advent of Layer 2 scaling solutions such as Polygon and Ethereum 2.0, the process becomes even easier due to negligible gas costs (transaction fees), ”she adds.

As OroPocket offers such asset-backed banking services on blockchain (which are decentralized), it claims that the services are provided without the hidden fees and tedious processes associated with traditional banks (which are centralized entities).

The startup generates revenue by charging a 0.25 percent fee on these operations.

OpenDefi and UniFarm

It also derives income from two other products – OpenDefi and UniFarm – which fall under the larger OroPocket umbrella.

“OpenDefi is a decentralized finance (DeFi) product which is a mixture of real world and synthetic assets (tokenized derivatives). Here the backend works on P2P (peer-to-peer) networks. We charge transaction fees to users as well as integration fees for developers who rely on this protocol, ”adds Tarusha.

UniFarm allows users to stake their crypto holdings, claiming winnings of up to 250 percent annual percentage return (APY).

This is an agricultural solution where blockchain projects come together to create a pool of rewards. Users can wager any token and get multiple tokens as a reward. Crypto staking is a process of engaging crypto assets to support blockchain networks and confirm transactions.

In the UniFarm model, the startup does not bill users, but bills the projects and blockchain networks that are integrated.

The path to follow

While there are several other DeFi solutions and encrypted yield farming protocols around the world, OroPocket says that with its product line, it has no overall competitor.

As he seeks to create a complete financial ecosystem for the crypto and DeFi space, he is currently working on securing a NBFC license so that it can provide loan services to users.

But like many other Indian blockchain projects, success or failure could be influenced by the government’s upcoming cryptocurrency bill.

Although Finance Minister Nirmala Sitharaman has indicated that the government may not be cracking down on crypto too much, some reports suggest that all “private cryptocurrencies” except state-issued virtual currencies could be banned in India.

“We hope and believe the bill will not be prohibitive, and we look forward to more encouragement for blockchain projects built in India by Indian founders. If crypto is categorized as a commodity or based on its use cases, it allows people to build in that space, ”Tarusha explains.

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