Group staking platform UniFarm acquires asset-backed NFT platform OpenDeFi

UniFarm, a group staking platform, announced on Monday the acquisition of asset-backed NFT platform ‘OpenDeFi’ to access a wider audience catering to both NFT and the crypto ecosystem.

UniFarm is a platform that allows users to stake different tokens and provides various DeFi projects in a single space. The platform has a native token, $UFARM.  

OpenDeFi is a platform that encourages tokenisation of real-world assets, providing financial services in a decentralized mechanism, and also enables community-based development of early-stage DeFi projects through DAO ecosystem. The native token of the platform is $ORO.

In a release, the platform announced that via this acquisition, it aims at creating a wider ecosystem that caters to the strengths of both platforms all in one place. UniFarm intends to introduce asset-backed group NFTs.

They further clarified in a statement that the utility tokens of both the platforms would merge into one with $UFARM being the sole utility token. $ORO holders would be able to claim $UFARM token at UniFarm’s website.

Commenting on the acquisition, Mohit Madan, CEO and Founder of UniFarm said, “Both UniFarm and OpenDeFi have a common objective of wealth creation but into different spheres. Reminiscing our journey and how far we have come from launching our first cohort in 2021 to successfully launching 36 cohorts across BSC, Polygon, ETH and AVAX with $100 Million + staked so far. Not just that, we have also come up with our own launchpad ‘UNIFARM Launch for the upcoming and most promising IDO launches.” 

Adding further, Tarusha Mittal, COO and co-founder of UniFarm said, “This merger will absorb $ORO into $UFARM creating a larger utility for our users and improved capture of value. We wish to make UniFarm a one-stop solution for all things Crypto, NFT and metaverse.”

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