TI Rating Report - OpenDeFi

PROJECT INTRODUCITON

OpenDeFi or Open Finance (OpFi) is a fintech protocol built on the layer-2 solution Matic Network. OpenDeFi aims to build a bridge between physical assets and DeFi assets by tokenizing physical assets and providing a series of financial services. OpenDeFi is developed by the precious metal investment platform, OroPocket, which is the user interface of OpenDeFi protocol. Technical support provided by Soul Machine Ltd, a private limited company incorporated in England.

OroPocket provides users with a simple way to invest in precious metals through asset tokenization. Users can use credit or debit cards such as visa, Mastercard, and American Express for transactions with a flat fee of 0.25%, and users can directly transfer assets to other users. The number of grams of metal in the account means the legal possession of the metals stored by OroPocket in the vault. OpenDeFi protocol enables collateralize loans at an interest rate of 2-5% and yield farming by staking assets. OpenDeFi supports cross-chain transactions of assets.

According to the project party, the assets available on OroPocket are 100% insured, and all of them are backed by 1:1 physical assets. A third party is responsible for auditing to ensure the physical backing of digital assets. The details of third-party auditors, insurers, and custodians have not been disclosed.