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HaloDAO stablecoin market raises $3.5M in seed investments


The funding spherical was led by Parataxis Capital, with further participation from QCP Soteria, Genesis Block Ventures, Spartan Group, NGC, CMS Holdings, LedgerPrime, Genblock, Petrock Capital and others.

HaloDAO, a decentralized market for stablecoins, has raised $3.5 million in seed investments, setting the stage for the creation of an all-in-one DeFi ecosystem for swapping, borrowing and lending.

Based by former workers of ConsenSys, HaloDAO goals to develop liquid markets for stablecoins past the U.S. greenback. As a part of its preliminary rollout, HaloDAO will concentrate on asset-based stablecoins for Asian fiat currencies.

“Asia has probably the most tech-savvy and blockchain-aware populations on this planet and can doubtless attain mass adoption of digital property earlier than different areas,” Julian Gropp, portfolio supervisor at Parataxis Capital, mentioned, including:

“We consider that HaloDAO is constructing a scalable platform that can allow end-users on this and different areas to considerably profit from this nascent know-how.”

Darius Sit, co-founder and CIO of QCP Capital, described HaloDAO’s platform as facilitating the “convergence of conventional and decentralized finance.”

As soon as it turns into operational, HaloDAO will help three stablecoins for the Asia-Pacific area, together with the Hong Kong dollar-pegged TrueHKD, the Singapore dollar-pegged XSGD and the Indonesian Rupiah-pegged BIDR.

The DeFi market took a beating earlier this week as Bitcoin (BTC) and the broader cryptocurrency market underwent one of many largest corrections in latest reminiscence. Past instant value motion, the marketplace for decentralized finance continues to develop.

The DeFi growth was on show earlier this week after Polygon, a number one platform for Ethereum scaling, attracted 75,000 new customers in simply seven days. In the meantime, Ernst & Younger introduced it was investing $100 million to increase its blockchain product suite and launch a brand new DeFi contract simulator.