- Decentralized finance protocol HaloDAO raised $3.5 million in seed investment
- The round was led by Parataxis Capital and included many big players in the industry
- The project aims to create a global liquidity network through stablecoins
Decentralized finance protocol HaloDAO recently raised 3.5 million dollars in seed investment. The investment round was led by Parataxis Capital and other industry players such as QCP Soteria, GBV (Genesis Block Ventures), Spartan Group, NGC, CMS Holdings, LedgerPrime, Genblock, Petrock Capital, and more.
Aside from these, there are also notable angel investors including Gustav Arentoft from MakerDAO, Dovey Wan from Primitive Crypto, Ajit Tripathi from Aave, Richard Dai formerly from DRW/Cumberland, and Yield Guild Games.
The project aims to address the growing demand for stablecoins and is eyeing the Asian market. According to Jun Yong, Chief Protocol Contributor of HaloDAO, the project is,
on a mission to create an asset agnostic global liquidity network by promoting the utility of domestically-available asset-backed stablecoins.
Yong added that this move will expand access to DeFi products for the everyday users in the region as well as ensuring that money flows into the system via regulated players. Yong also mentioned that this has the potential to bring “$500 billion into the crypto economy.”
Upon launching, HaloDAO will support three stablecoins native to the Asia-Pacific region. This includes TrueHKD (THKD) — pegged to the Hong Kong, XSGD — pegged to the Singapore dollar, and BIDR — pegged to the Indonesian Rupiah. Aside from these, additional stablecoins will go online in the near future.
The broader goal of HaloDAO will also be the creation of an all-in-one DeFi ecosystem for swapping, borrowing, lending, and yield generation. Through the integration of currencies into all major financial primitives and incentivizing liquidity via farming, the project can rapidly expand local stablecoin liquidity and open the world of DeFi to users living in Asia.
According to Julian Gropp, Portfolio Manager at Parataxis Capital and Advisor to HaloDAO, “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.”