HaloDAO will create an all-in-one DeFi ecosystem for swapping, borrowing, lending and yield generation
Singapore, May 22, 2021 /AlexaBlockchain/ – HaloDAO has raised US$3.5 million in seed funding round led by Parataxis Capital.
What is HaloDAO?
HaloDAO is a DeFi protocol designed to address the growing demand for stablecoins. It aims to create liquid DeFi markets for stablecoins beyond the US Dollar, which has so far dominated currency trading pairs across centralized and decentralized markets. The protocol will focus initially on asset-backed stablecoins for Asian currencies.
HaloDAO other investors in the seed round include QCP Soteria, GBV (Genesis Block Ventures), Spartan Group, NGC, CMS Holdings, LedgerPrime, Genblock, Petrock Capital and others. Notable angels that invested in the round include Gustav Arentoft (MakerDAO), Dovey Wan (Primitive Crypto), Ajit Tripathi (Aave), Richard Dai (ex-DRW/Cumberland), and Yield Guild Games.
HaloDAO will create an all-in-one DeFi ecosystem for swapping, borrowing, lending and yield generation. By integrating the currencies into all major financial primitives and incentivizing liquidity via farming, HaloDAO can rapidly expand local stablecoin liquidity and open the world of DeFi to users living in Asia and rapidly widening this access to users everywhere else.
“Asia has one of the most tech-savvy and blockchain-aware populations in the world and will likely reach mass adoption of digital assets before other regions. We believe that HaloDAO is building a scalable platform that will enable end-users in this and other regions to significantly benefit from this nascent technology,”said Julian Gropp, Portfolio Manager at Parataxis Capital and Advisor to HaloDAO.
“As we see increasing adoption from institutions, corporates and regular investors, HaloDao would function as a much-needed platform to facilitate the convergence of traditional finance and decentralised finance.” said Darius Sit, Co-Founder and CIO of QCP Capital.
At time of launch, HaloDAO will support three stablecoins native to the Asia-Pacific region, including the Hong Kong dollar-pegged TrueHKD (THKD), Singapore dollar-pegged XSGD and Indonesian Rupiah-pegged BIDR, with additional stablecoins coming online in the near future. HaloDAO aims to support regulated and asset-backed stablecoins, avoiding the complexity of over-collateralized synthetics and benefitting from their positive regulatory positioning.