HaloDAO, a decentralized financial protocol designed to meet the growing demand for stablecoins. It has completed a $ 3.5 million seed round led by Parataxis Capital. Additional funds participating in the round include QCP Soteria, GBV, Spartan Group, NGC, CMS Holdings, LedgerPrime, Genblock, Petrock Capital and others.
The HaloDAO team brings a unique combination of blockchain development expertise and regional expertise to bring a much needed project to market. The company looks forward to continuing to support the project as it develops and scales up.
“We see increasing acceptance from organizations, corporations and long-term investors. So, HaloDao will function as a much needed platform to facilitate the convergence of traditional finance and decentralized finance”, said Darius Sit, co-founder and CIO of QCP Capital.
The company focuses on the Asian market
HaloDAO, founded by Yong Jun Ming and Christopher Verceles, aims to create liquid DeFi markets for stablecoins beyond US dollar. Which has so far dominated currency trading pairs in centralized and decentralized markets. Initially, the protocol will focus on asset-backed stablecoins for Asian currencies.
HaloDAO will create a one-stop DeFi ecosystem for sharing, borrowing, lending, and generating income. By integrating currencies into all major financial primitives and stimulating liquidity through agriculture, HaloDAO can quickly expand local stablecoin liquidity. Also it can open up the DeFi world to users living in Asia. So, quickly expand that access to users throughout the rest of the world.
At launch, HaloDAO will support three stablecoins from the Asia Pacific region. Including TrueHKD pegged to the Hong Kong dollar (THKD), XSGD pegged to the Singapore dollar and BIDR pegged to the Indonesian rupee, with additional stablecoins coming soon.
The future of HaloDAO
HaloDAO aims to support regulated and asset-backed stablecoins. While avoiding the complexity associated with over-collateralized synthetics and capitalizing on their positive regulatory position.
The DeFi promise is particularly relevant to the launch in the APAC region. Due to its relative lack of access to global financial markets and basic financial services, especially for retail consumers. With high fees, heightened capital controls, and a lack of liquidity to cash out US dollars, using local currencies makes it much easier for corporations and consumers to access DeFi profitability opportunities. In addition, local currencies are more integrated into the regional economic outlook and represent an attractive store of value amid a weaker US dollar.
“Our mission is to create a global liquidity network independent of assets by promoting the usefulness of domestically-backed stablecoins. This will expand access to DeFi products for the benefit of ordinary users in the region. Ensuring that cash flows into the system through regulated players. In this way, we will contribute the next $ 500 billion to the cryptoeconomy”, said Jun Yong, chief developer of the HaloDAO protocol.