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The KuCoin cryptocurrency exchange has changed the name of its wallet platform to “Halo wallet” to distinguish it from other platforms. Halo, a completely new company, wants to develop an ecosystem called “SocialFi” that combines social media and finance on a single platform. Under Jeff Haul’s leadership, who formerly oversaw the KuCoin wallet, Halo would integrate on-chain and off-chain platforms. In the long run, this Halo platform hopes to serve as a Web3 decentralised identifier and a channel for communicating with influencers.
The social networking component of Halo will primarily concentrate on producing top-notch investment guidance for members of the community investing in digital assets. Investors may no longer be afraid to interact with fake news as a result, which would encourage them to do extensive research before making an investment.
Halo would have industry experts to assist people trying out crypto and Web3, whereas KuCoin was just an asset management platform.
“Halo Wallet users can learn about trading strategies, comprehend the most recent market trends, and enhance the calibre of their investment decisions by following the smart wallets, opinion leaders, and professional investors across various sectors. In Web3, decentralised wallets are essential, according to a Halo blog.
:rocket::fire: Get ready for the next generation of wallets! KuCoin Wallet is now Halo Wallet, and it’s more than just a wallet – it’s the ultimate SocialFi ecosystem!
— KUCOIN (@kucoincom) April 4, 2023
The Halo wallet is “self custodial” in nature due to the recent failures of crypto exchanges and protocols like Terra and FTX that resulted in financial losses for users.
Its users will thus always be in complete control of their assets.
The Halo Wallet will start distributing its governance rights to the community members in later updates.
The most active SocialFi ecosystem in the world will be created by the decentralised autonomous organisation (DAO) governance model, according to the blog. “More creators and users will be encouraged to explore trading opportunities and innovate financial models.”
The Halo wallet was funded by a number of venture capital firms, including KuCoin Ventures, IDG, HashKey Capital, and others.
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