VANCOUVER, December 4th, 2020 - Covalent is delighted to partner with OpenDeFi, a protocol that is bridging the gap between traditional and decentralized finance through the tokenization of real-world assets that are backed by an actual physical asset.
Through OpenDeFi, real-world assets are held on-chain while also enabling developers to build applications on top of them. Being open in nature, this protocol allows for the seamless integration of other on-chain applications and can enable multiple chains to cross-share the asset classes. Data will of course be seaming throughout the platform. Covalent will be the key ecosystem partner in accessing such data in a manner that is granular and instant.
OpenDeFi’s platform will fundamentally be enhanced. Since OpenDeFi is using a hosted wallet on its web and mobile app, having access to indexed data will lead to faster processing. The data being displayed on the platform will be real-time and as a result, lead to a better user experience. Furthermore, as OpenDeFi is bridging decentralized finance with traditional finance, parties coming from the latter will have access to granular, historical data that will provide insight into the various aspects of this new domain. Users will also be able to export their data with full historical context which will allow benchmarking of investor performance and record-keeping as evidence for tax purposes, especially important in the realm of tokenizing real-world assets.
Moving forward, Covalent and OpenDeFi will support each other strategically.
Quote from Ganesh, Covalent’s CEO
Quote from Tarusha Mittal, OpenDeFi COO
OpenDeFi is a fintech protocol that enables custody of real-world assets on blockchains and enables developers to build applications on top of it. Being open in nature, this protocol allows seamless integration of other on-chain apps, and can enable multiple chains to cross-share the asset classes.
Covalent provides a unified API to bring full transparency and visibility to assets across all blockchain networks. Covalent’s proprietary technology enables a “no-code” solution that solves a vast array of use-cases for wallets, exchanges, custodians and taxation amongst others. The API allows easy access to data that is normalized, unified and granular.