On April 3, 2023, KuCoin Wallet announced its rebranding as Halo Wallet and launched the SocialFi ecosystem too. Reportedly, now an independent Halo Wallet received a fresh round of financing from some big investors comprising IDG, Hashkey Capital, KuCoin ventures, and other strategic partners in Web 3.0 domain.
As a result, this newly branded Halo Wallet aims to broaden its efforts while focusing on social finance (SocialFi) too. The wallet plans to integrate a variety of on-chain and off-chain social media protocols like Twitter and Lens for creating a Web 3 Decentralized Identifier (DID) system and facilitating engagement with popular influencers.
Going further, Halo Wallet plans to transfer governance rights to the SocialFi ecosystem through a DAO. The DAO governance model commits to providing large users and innovators with novel financial models and opportunities for trading. Thus, it fosters an active SocialFi ecosystem. Reportedly, the revamped Halo wallet offers a series of enhanced social features that assist users in creating all- rounded social identity and locating quality information and prospects on social networks.
The now, Halo wallet has already achieved significant progress in the category of decentralized wallet because it offers comprehensive coverage for both mobile and PCs. It also launched advanced features like native cross-chain swaps, and staking and attained a user base of over 1 million individuals.
In August 2022, Kucoin Wallet also integrated automated market maker functionality to improve its token swap. This integration also allowed users access to 1inch’s Limit Order Protocol functionality. Thus, Kucoin which is now a Halo wallet has spun off the Kucoin exchange to be an independent wallet to create an impact on the SocialFi domain too.