According to a report from Cointelegraph on May 22, HaloDAO, a stablecoin market, raised a $3.5 million seed round, led by Parataxis Capital, QCP Soteria, Genesis Block Ventures, Spartan Group, NGC, CMS Holdings, LedgerPrime, Genblock, Petrock Capital, etc. The company participates in the investment.

HaloDAO is a decentralized stable currency market that lays the foundation for the creation of an all-in-one DeFi ecosystem for trading and lending. HaloDAO was founded by former ConsenSys employees to develop a liquid market for stablecoins other than the U.S. dollar. As part of HaloDAO, it will focus on asset-based Asian French stablecoins.

Ulian Gropp, portfolio manager of Parataxis Capital, said:

Asia is one of the regions with the highest technological content and the strongest blockchain awareness in the world. Compared to other regions, digital assets are likely to be adopted more widely.

HaloDAO is building a scalable platform that allows end users in Asia and other regions to benefit from the emerging blockchain technology.

QCP Capital co-founder and CIO Darius Sit said that the HaloDAO platform will promote “the integration of traditional finance and decentralized finance.”

Once put into operation, HaloDAO will support three stable currencies in the Asia-Pacific region, including TrueHKD linked to Hong Kong dollar, XSGD linked to Singaporean fiat currency, and BIDR linked to Indonesian rupiah.

Recently, the cryptocurrency market such as Bitcoin has experienced a slump, and the DeFi market has also been hit this week. In addition to immediately taking necessary price measures, the decentralized financial market continues to grow.

Polygon, the leading platform for expansion of Ethereum, attracted 75,000 new users in just 7 days. At the beginning of this week, DeFi once again set off a boom. At the same time, Ernst & Young announced that it will invest 100 million US dollars to expand the blockchain product suite and launch a new DeFi contract simulator.

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