KuCoin Wallet, a decentralized cryptocurrency wallet, announced on April 3 that it has been renamed as Halo Wallet and introduced a new SocialFi ecosystem. According to the announcement, many investors, including KuCoin Ventures, IDG, HashKey Capital, and other Web3 strategic partners, contributed to a new round of financing for the newly independent Halo Wallet.
Halo Wallet’s rebranding is intended to broaden its focus beyond Web3 wallet compatibility and towards a wider SocialFi ecosystem. The wallet seeks to link various on-chain and off-chain social media protocols, such as Twitter and Lens, to establish a decentralized identifier (DID) system in the Web3 space and engage with prominent individuals.
Halo Wallet intends to use a decentralized autonomous organization, or DAO, to progressively hand over control of its SocialFi ecosystem to the community in the future. The company claims that adopting a DAO governance model will encourage more developers and users to explore financial models and trading opportunities, thereby developing a thriving SocialFi ecosystem.
According to Jeff Haul, CEO of Halo Wallet, decentralized wallets are the key means by which individuals enter the Web3 realm. The redesigned Halo Wallet, according to Haul, includes a variety of improved social capabilities that allow users to locate reliable information and opportunities on social networks and build a well-rounded social identity.
Since its launch in June, KuCoin Wallet has made tremendous advancements in the decentralized wallet space. Since its launch, the decentralized wallet has provided thorough support for both mobile and PC, added support for tens of thousands of tokens and nonfungible token assets, introduced features like native cross-chain swaps and staking, and accumulated a user base of more than 1 million people.
To enhance token swaps, KuCoin Wallet included the automated market maker capability of 1inch Network in August. The collaboration also offered KuCoin Wallet customers access to the Limit Order Protocol feature of 1inch, which enables orders to be filled at a set price when it is met. Gasless limit orders for ether are included in this.