KuCoin Rebrands Wallet to Independent ‘Halo’ Aiming to Create New ‘SocialFi’ Ecosystem

The social networking element of Halo will primarily focus on generating high quality investment advice for investors.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 4 April 2023 15:16 IST

KuCoin Rebrands Wallet to Independent ‘Halo’ Aiming to Create New ‘SocialFi’ Ecosystem

Photo Credit: KuCoin

The KuCoin wallet originally launched in June 22 and claims to have over million users

Highlights

KuCoin is a crypto exchange
The company is expanding its services portfolio
Halo wallet is self custodial in nature

The KuCoin crypto exchange has rebranded its wallet platform as an independent platform, called the ‘Halo wallet'. As a new brand all together, Halo aims to create a ‘SocialFi' ecosystem that combines social networking and finance on one platform. Halo would integrate on-chain and off-chain platforms under its team head, Jeff Haul, who previously also headed the KuCoin wallet. This Halo platform is eventually looking to function in two ways — as a Web3 decentralised identifier and a way to engage with influencers.

The social networking element of Halo will primarily focus on generating high quality investment advice for investors of the digital assets sector community. This could eradicate the fear of engaging with fake news for the investors, making them more open to conducting thorough research before investing.

While the KuCoin wallet was merely an asset management platform, Halo would have industry experts to help people experimenting with crypto and Web3.

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“By following the smart wallets, opinion leaders, and professional investors across various sectors, Halo Wallet users can learn about trading strategies, understand the latest market trends, and improve the quality of their investment decisions. decentralised wallets play a key role in Web3,” an official Halo blog said.

: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

In light of the recent collapses of crypto exchanges and protocols like Terra and FTX that caused people financial damages, the Halo wallet is ‘self custodial' in nature.

This means, its users will always have full control of their assets.

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In its later updates, the Halo Wallet will begin distributing its governance rights to the community members.

“The decentralised autonomous organisation (DAO) governance model will encourage more creators and users to explore trading opportunities and innovate financial models, creating the most active SocialFi ecosystem in the world,” the blog noted.

A bunch of venture capitalists including KuCoin Ventures, IDG, HashKey Capital, and others, have financed the Halo wallet.

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Further reading: Cryptocurrency, KuCoin, Halo Wallet, SocialFi

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More