By
Chimamanda U. Martha
April 11th, 2024
One of the major aims of the rebranding exercise is to widen the scope of Halo Wallet operation beyond Web 3.0.
Decentralized KuCoin Wallet is expanding from being a simple Web 3.0 wallet to what can serve on a social finance (SocialFi) scale. According to a Monday announcement, the rebranding which takes immediate effect will see KuCoin Wallet take up a new name – Halo Wallet.
The Emergence of a New SocialFi Ecosystem
One of the major aims of the rebranding exercise is to widen the scope of Halo Wallet operation beyond Web 3.0. It will seek to integrate different on-chain and off-chain social media protocols like Twitter and the rest. The wallet will then create what it calls a decentralized identifier (DID) system where it will engage with popular social media influencers.
There are also more plans for the future of the newly-launched SocialFi ecosystem. Halo Wallet plans to employ a decentralized autonomous organization (DAO) model of governance. That is, it plans to gradually hand out governance rights of its SocialFi ecosystem to the community through a DAO. According to the firm, this model will encourage many users and innovators to explore unique financial strategies and trading opportunities. And with such a system in place, the SocialFi ecosystem will undoubtedly remain active, says Halo.
Meanwhile, the head of Halo Wallet Jeff Haul has also spoken on the need for decentralized wallets and their role in Web 3.0. Haul noted that decentralized wallets serve as the main entry point for users into the Web 3.0 space. In addition, he says that the unique features of the new Halo Wallet present an opportunity for users to create a complete social identity. And even more, it offers them access to quality information and prospects on social media.
Halo Wallet Sees Funding from KuCoin Ventures and Others
In what appears to be in line with the fresh start, the newly independent Halo Wallet has now received a fresh round of funding. The funding round had several notable investors in participation. Some of them include KuCoin Ventures, HashKey Capital, IDG, and other Web 3.0-focused investors.
Since launching in June 2022, the KuCoin Wallet platform has had quite an impressive run in the decentralized wallet domain. The platform offers coverage for mobile and PC and has integrated support for thousands of tokens and NFTs. It currently serves over a million users and continues to launch various services including native cross-chain swap and staking, and reached over 1 million users.