Stablecoin marketplace HaloDAO raised a $3.5 million seed round led by Parataxis Capital, with participation from QCP Soteria, Genesis Block Ventures, Spartan Group, NGC, CMS, Cointelegraph reported on May 22nd. Holdings, LedgerPrime, Genblock, Petrock Capital, and others participated.
HaloDAO is a decentralized stablecoin marketplace that lays the groundwork for creating an all-in-one DeFi ecosystem for trading, lending and borrowing. HaloDAO was founded by former ConsenSys employees to develop a liquidity marketplace for stablecoins outside of the U.S. dollar. haloDAO, as part of this, will focus on asset-based Asian fiat stablecoins.
ulian Gropp, Portfolio Manager at Parataxis Capital, stated
Asia is one of the most technically advanced and blockchain-aware regions in the world. There is likely to be a wider adoption of digital assets compared to other regions.
HaloDAO is building scalable platforms that allow end users in regions like Asia to benefit from emerging technologies in blockchain.
The HaloDAO platform will drive “the convergence of traditional and decentralized finance,” said Darius Sit, co-founder and CIO of QCP Capital.
Once operational, HaloDAO will support three stablecoins in the Asia-Pacific region, including TrueHKD, which is pegged to the Hong Kong dollar, XSGD, which is pegged to the Singapore fiat currency, and BIDR, which is pegged to the Indonesian rupiah.
The cryptocurrency market, such as Bitcoin, has experienced a recent plunge, and the DeFi market has also taken a hit this week. In addition to taking the necessary price measures immediately, the decentralized financial market continues to grow.
Polygon, the leading platform for Ether scaling, attracted 75,000 new users in just seven days, and DeFi took off again earlier this week. Meanwhile, Ernst & Young announced a $100 million investment to expand its blockchain product suite with a new DeFi contract simulator.
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