The decentralized KuCoin Wallet is transitioning from its previous state as a straightforward Web 3.0 wallet to one that is capable of operating on a social finance (SocialFi) scale.
The news regarding the rebranding was made on Monday, and it states that as of right now, KuCoin Wallet will be known as Halo Wallet. This change will become effective immediately. (1)
The Birth of a Whole New SocialFi Ecosystem
Beyond Web 3.0, expanding the operational sphere of Halo Wallet is one of the primary goals of the rebranding effort that is now underway.
It will try to incorporate various social media protocols, both on and off the blockchain, such as Twitter and others.
Following this step, the Wallet will develop a system called a “decentralized identifier” (DID), in which it will interact with well-known social media influencers.
In addition, additional plans have been formulated for the future of the recently introduced SocialFi ecosystem.
The governance system that Halo Wallet intends to implement is called a decentralized autonomous organization, or DAO. In other words, it intends to eventually transfer the governance rights of its SocialFi ecosystem to the community by means of a DAO.
According to the company, numerous users and innovators will be encouraged to explore novel financial techniques and trading opportunities as a result of this model’s implementation. According to Halo, once such a system is implemented, the SocialFi ecosystem will surely continue to see a lot of activity.
As this is going on, Jeff Haul, the head of Halo Wallet, has also commented on the necessity of decentralized wallets and the role that they play in Web 3.0.
Haul made the observation that decentralized wallets provide the primary point of access for users into the Web 3.0 area.
He claims that users will have the option to develop a comprehensive social identity thanks to the one-of-a-kind features included in the latest version of the Halo Wallet.
In addition, it gives them access to high-quality content and potential customers on social media.
KuCoin Ventures and Other Investors Provide Financial Support for Halo Wallet
A new round of funding has recently been awarded to the newly independent cryptocurrency wallet Halo Wallet, which appears to be in keeping with the new beginning.
During the investment round, there was participation from a number of noteworthy investors. KuCoin Ventures, HashKey Capital, IDG, and a number of additional investors with a focus on Web 3.0 are examples of some of them.
The KuCoin Wallet network had a pretty outstanding run in the decentralized wallet domain when it first launched in June 2022.
The platform provides support for thousands of different tokens and NFTs, as well as coverage for mobile devices and personal computers.
It presently provides services to more than one million users and continues to introduce a variety of services, such as native cross-chain exchange and staking, and has reached more than one million users.