On Monday, Kucoin wallet changed its brand identity to Halo wallet. In a Twitter post on its official handle, the wallet provider said the rebranding follows its disintegration from the Kucoin Group. By virtue of this, it will now operate as an independent entity with Halo wallet as its identity.
Following this development, the rebranded wallet provider secured its first round of investment. Some of the investors who participated in the round include Kucoin Ventures, IDG, Hashkey Capital, and other web3 strategic partners across the globe.
According to Halo wallet, the rebranding will foster the ambition of the protocol to expand to the broader SocialFi ecosystem. More so, the wallet provider wants to lead the next wave of industry development. For a start, it plans to focus on recruiting big talents from the web3 industry.
Notably, the firm explained the motive behind its decision to rebrand to Halo wallet. According to the wallet provider, the explosion of investment opportunities in DeFi, NFTs and other sectors have made wallets providing only asset management services insufficient for web3 users. With the rebrand, Halo will filter valuable and consensus investment information from large amounts of on-chain data. As revealed, Halo wallet aims to integrate numerous on-chain and off-chain social media protocols to initiate a true web3 DID.
Halo wallet to gradually hand over governance right to its community
Going forward, the wallet wants to gradually hand over governance right of its SocialFi ecosystem to the community. Its team believes the governance model will allow more creators and users to harness trading opportunities. More so, it will allow users to initiate substantial financial models, thereby making the ecosystem very active.
The head of Halo wallet, Jeff described decentralized wallets as the most significant user portal for web3. According to the exec, Halo wallet aims to avail substantial social functions by helping its users to enhance their social identity in a comprehensive manner. More so, Jeff said Halo will foster the discovery of high-quality information and opportunism from social networks, and as well, ensure users enjoy the dividends of web3.
It is noteworthy that before rebranding to Halo wallet, the protocol made substantial strides in the decentralized wallet sector. Certainly, the wallet provider availed enormous coverage for mobile and desktop. It also supported thousands of cryptocurrencies and NFT tokens. According to findings, the former Kucoin wallet launched numerous offerings, including native cross-chain swap and staking.