Hello, on December 3, 2020, OroPocked participated in a live AMA session on UniLend’s Telegram channel (https://t.me/unilendfinance). Both Mohit Madan, OroPocket’s CEO and Co-Founder, and Tarusha Mittal, OroPocket’s COO, answered the various questions in this AMA.
Hey everyone, I am pleased to have with us @TheMohitMadan — CEO and @TMittal — COO at @oropocket. Welcome Mohit and Tarusha to our group and it’s a pleasure to have you here.
Mohit Madan: Hey Vishal and Anmol, Thank you for the wonderful opportunity, it’s our pleasure to be here.
Tarusha Mitall: Hi Everyone, Super chuffed to be here to do this AMA.
Q1. Before starting with AMA, can you give a short introduction about yourself, how your crypto Journey began & how you started with OpenDefi?
Mohit Madan: Have been hearing nothing but good things about Unilend. :) You guys are absolutely killing it out there.
UniLend admin1: hank you so much Mohit for your kind words.
Tarusha Mitall: Hi, I am Tarusha, the cofounder and COO of OpenDefi. OpenDeFi aims to create a bridge between real world assets and DeFi. About me — I have been an entrepreneur for a decade now and been in crypto space since 2013–14, tinkered with minung et al. This is my 2nd crypto startup — i was also on the founding team of one of the first ethereum exchanges of India.
UniLend admin1: From a Decade, its a decent time for sure.
Tarusha Mitall:Yes, I feel like a veteran yet, it is an ever evolving position, because entrepreneurship is like learning o the job so one never feels jaded.
UniLend admin2: Wow so you have a lot of experience in the field, that’s awesome
Tarusha Mitall: Thank you.
Mohit Madan: I am blessed to be working with her, she’s the best co-founder one could ask for!
Mohit Madan: I have been in the crypto space since late 2013, and have gone through the journey of mining, trading, developing. We started one of the first ethereum exchanges in India in 2017. With OpenDeFi/OroPocket we’re trying to expand the ecosystem itself by bringing more assets to DeFi space.
UniLend admin1: That’s amazing to hear Mohit
Q2. This is really great Tarusha. What is OpenDeFi by OroPocket, can you tell us the idea behind it?
Mohit Madan: Right now the entire crypto market stands at about 550 billion dollars. A giant like Blackstone or Fidelity can just gobble us up. With OpenDeFi we’re expanding the ecosystem itself by tokenizing real world assets like Gold, Silver and soon stocks, ETFs, real estate etc. We’re also building financial services on top of it, paving way for institutional investors to become a part of the DeFi ecosystem. We’re already live on Android and iOS and users can access the platform using this link: https://onelink.to/oropocket
UniLend admin1: This is amazing to see real world assets being associated with Cryptocurrency by OroPocket
Mohit Madan: The idea is to grow the market cap of crypto from 500 B to 20 T :)
UniLend admin1: Its huge amount
UniLend admin2: So as I see you’re goal is to bring mass adoption to crypto ;)
Mohit Madan: Yes, institutional funds right now are not able to participate in DeFi. We want to bridge that gap for them and be the enablers.
Tarusha Mitall: OpenDeFi is creating a bridge between real world assets and DeFI. We are tokenising real world assets and offering a tonne of financial services on top of these assets. This makes these investments highly liquid. For example, we are live with Gold Silver on the platform and are offering services like flash loans, staking to earn a yield, an asset backed card, among others to the users. OpenDeFi also allows for free movement of assets across chains. The idea is to empower users to be able to create and preserve wealth — have the freedom of choice when it comes to their financial wellbeing.
UniLend admin1: Tokenising real world assets is a great idea for sure.
Q3. Can you share the milestone OpenDeFi has achieved so far, and the next 100 days plan?
Mohit Madan:
We’re already done with our MVP and POC with Gold and Silver. Tomorrow, we have our first CEX coming up. In terms of dev, we are internally testing the testnet and will soon be opening it to alpha users. Once they do bug hunting, and we fix them we’ll then be sending the contract for auditing and then go live with features like lending, borrowing, staking etc. Q1 and Q2 2021 are purely focused on building more financial services(like default swaps, API support for devs etc) and adding more asset classes.
UniLend admin1: Wow so we can expect cross chain support too in future.
Mohit Madan: Yep, we’re currently supporting Ethereum, Matic and Tezos.
UniLend admin2: First CEX listing, good luck for that.
Q4: Great 🎉 What was your motivation to choose UniLend as your partner and how will the partnership between OpenDeFi and UniLend benefit both projects?
Mohit Madan: I have known Chandresh since he was with Matic, it was during this time that we had started development on their network. He was a great guy to work with. Seeing the offerings of Unilend it was a no-brainer for us that partnering with Unilend is the default next move. We’re tokenising real world assets, and Unilend is enabling seamless borrowing, lending. This partnership will enable OpenDeFi users to hedge their bets, it will help bring stability to interest rates on OpenDeFi network. For unilend — several asset backed tokens are coming your way, along with user adoption.
UniLend admin1: Of course @ChandreshAharwar is our inspiration for sure.
Mohit Madan: He’s a gem! :)
Q5. Through this partnership with UniLend, users can access lending & borrowing with the assets they have invested in, can you tell us more on how this procedure would look like?
Mohit Madan: Users will be instantly able to put up their asset backed tokens like GOLD, SILVER, Stocks etc on Unilend for lending and get instant liquidity. This will allow them to hedge their bets against the lending protocol on OpenDeFi. For example, let’s say a user is holding Gold worth $1000. She’ll be able to instantly get loan against it which shall be flexible and at a low interest rate, allowing her to put the USDT/USDC on a high yield platform and earn good money.All the while making sure her bets are completely hedged(as she’s still holding GOLD in collateral).
UniLend admin1: Ok so, own investment in Gold/Silver would be used to collateral for having loans. Great Idea.
Mohit Madan: Yep, GOLD and SILVER are just the tip of the iceberg. Users will be able to get instant loans on Unilend against their stocks, exchange traded funds, bonds etc.
Community Questions…
Q1. A few days ago OpenDeFi announced its partnership with Dfinance. How will this help the growth of your project? What technological aspects will Dfinance provide to you?
Tarusha Mitall: DFinance offers HLL(High Level Language) enabling even non-techs to deploy complex financial products on OpenDeFi. You can get more details here:
Q2. OpenDeFi aims is Bridging the gap between physical assets and DeFi. This sounds interesting and amazing, could you tell us the methodology OpenDeFi adopts in making this actually possible in reality?
Mohit Madan:
We’re bridging the gap between traditional world and DeFi by tokenizing real world assets such as stocks, bonds, exchange traded funds, precious metal and other assets and asset classes. We’re then enabling developers to build financial tools on it, enabling traders, hedge funds and institutions to seamlessly participate in the DeFi world.
Q3. Can you talk about ORO Pocket’s marketing strategy? how are you planning to get ADOPTION around the globe?
Tarusha Mitall: A major aspect of our marketing strategy involves, partnering with platforms with similar vision as ours, in order to leverage the customer base and also add more credibility to our platform, another would be the ambassadors- we have an army of brilliant people who are our beta testers. You can more deets on this here:
Q4. In their White Paper you write: “we insured all assets 100% and put them under custodianship and bailment.” In simple words, what does this mean? Will all our money be returned in case the OpFi system doesn’t work? How is this possible?
Mohit Madan: Yes, all the assets available on OpenDeFi are backed by physical assets in 1:1 ratio and are 100% insured against war, natural calamity, getting stolen etc. The custodian makes sure that the foundation does not have access to the assets and tokens represent the rights to those assets. In the worst case that OroPocket shuts down tomorrow, the assets will still be owned by the end user and our insurer ensures its value being delivered to the end user.
Q5. What tools does OroPocket offer for portfolio diversification by investing in multiple assets?
Tarusha Mitall: We currently have Gold and silver live on the platform but in the coming quarter we will be adding more asset classes like crypto, whiskeys and wines, art, real estate.
Q6. OpenDeFi users can only exchange tokens with the real world, what are they talking about when they say “real world”? And that is the only financial service they offer?
Tarusha Mitall: Real world means that these tokens have the right to the underlying asset, they are redeemable in nature.
Q7. BOTH project — DeFi, Staking and Yield Farming are hot topics right now in our Crypto Space, My question is, did you make this project only for the short term because of these hot topics? Do you have a long term plan for this project?
Mohit Madan: Even the people that have created protocols simply because the market is HOT are not going to honestly answer this question — so let me try answering it in a way that ensures longer term vision. OpenDeFi enables you to earn a rental/yield on your real world assets without any market exposure. Right now the Gold that you might have in your bank account is not paying you anything, rather you have to spend money to protect it, insure it etc. If you were holding the same value of GOLD on OpenDeFi, you would not only be able to earn yield on it, but also dont have to pay any other overheads like insurance etc. Economics teaches us that capital flows wherever it gets the best returns at the lowest risk. Since there is no market exposure of assets when you’re earning a yield on OpenDeFi, it theoratically becomes the goto option for any investor.
Q8. What are the benefits of investing in $ORO POCKET token for both long and short term basis?
Mohit Madan: Short term: You get to be part of the community. Long term: You get to vote on protocol related changes, earn inflationary benefits, create value with staking it etc. PS — I’m obviously not mentioning any financial benefits. :)
Q9. For each project, community factors contribute to the project’s victory. So, what strategies does OpenDefiFinance have for community development and long-term user retention?
Mohit Madan :You’re absolutely right. Community is like oxygen for DeFi projects. We have been blessed to have super active community and supporters, and great set of ambassadors. Here’s our telegram community: @oropocket We have some exciting competitions, events and rewards coming up for the same.
Q10. What are the major exchange platforms that OroPocket
token will list on? is Uniswap one of them?
Tarusha Mitall: We are already live on uniswap :
For more announcements, do follow our channel @oropocket
Q11. As i see, Projects Like Matic, Tezos are partners of OroPocket.. So, Could you tell us some of the main Reasons & Advantages of this Partnerships to OroPockets?
Tarusha Mitall: OpenDeFi by default allows free movement of assets across multiple chains, we have entered into these partnerships to strengthen the network for all parties involved :)
Q12. How does OroPocket network search for and offer the best real world assets deals worldwide and how to ensure that deals will never go bankrupt?
Mohit Madan: We don’t search for any deals. OpenDeFi is a positive-sum network which means it shall never go in debt. That’s by design.
Q13. What’s Gold/Silver Buying procedure and any referral system is there at OroPocket?
Tarusha Mitall: Webapp and Mobile apps are live already. You can make the purchase using your card, netbanking etc.
Yes, there is a kickass referral system in place, too.
Q14. Typically, investors buy tokens that are likely to increase in price in the future. I saw that, total supply of the token is huge. So do you have any plan for burning tokens in the future to reduce the supply of the token and increase its investment attractiveness?
Mohit Madan: Check again:
Q15. What tools does OroPocket offer for portfolio diversification by investing in multiple assets?
Mohit Madan: Right now we offer GOLD and SILVER, but soon we’ll be offering other assets such as stocks, exchange traded funds, bonds, real estate, art etc
Q16. Which specific about technology and strategy of OroPocket that make you believe it will be successful and what does Oropocket plan do to attract more users in the upcoming time?
Mohit Madan: It’s a combination of right unit economics, strong team and loving community.
Q17. What tools does OroPocket offer for portfolio diversification by investing in multiple assets?
Mohit Madan: One app to diversify your portfolio:
UniLend admin1: Let me thank and @TheMohitMadan and @TMittal from OpenDeFi team for joining our chat group today and sharing insights about our partnership. We wish you and your team great success for future. Thank you everyone for participating in this exciting AMA. Too many questions however time is always a limitation.
Tarusha Mitall: Thank you so much for calling us to do this wonderful AMA here.
Mohit Madan: Thank you, Vishal and Anmol for giving us the opportunity. It was lovely interacting with the community. Before we end this, we have a SPECIAL GIFT for this community. We’re giving 1 mg of 24 CARAT GOLD to ALL UNILEND community members.
UniLend admin1: Wow. This amazing
UniLend admin2 :Now this is awesome. So this is your amazing referral system. It was a pleasure having you guys here, we hope to strengthen our partnership and wish both projects good luck.
UniLend admin1 :Thank you again @TheMohitMadan and @TMittal for being guests here. Community have a great day and your 1MG gold.
About OroPocket
Oropocket is 100% asset backed banking without the insidious, hidden charges and time consuming tedium that come with traditional banks. Invest into multiple asset classes, grow your wealth, enjoy 100% liquidity.
