In order to facilitate user travel across several market areas, such as cryptocurrency trading, decentralized finance (DeFi), gaming, and SocialFi, Mocaverse, the membership network and metaverse initiative of Animoca Brands, cryptocurrency exchange KuCoin, and Web3 wallet Halo Wallet have teamed up. The collaboration will “redefine on-chain identity and facilitate growth” in the Web3 space by combining Mocaverse’s digital identity, Moca ID, KuCoin’s user accounts, and Halo’s Genesis membership pass, according to an announcement shared with Cointelegraph on February 15.
A KuCoin representative told Cointelegraph that Web3 sub-ecosystems including cryptocurrency trading, digital collectibles, DeFi, and the metaverse “operate somewhat independently.” They gave an explanation.
“Users find it challenging to access benefits across these sub-ecosystems. For instance, active users on an exchange might not enjoy equivalent benefits in NFTs, the metaverse or DeFi ecosystems. This is a pain point for users in the Web3 world.”
The spokesperson said that the initiative would attempt to solve this problem by establishing cross-platform identity links of KuCoin, Mocaverse and Halo Wallet users.
According to Yat Siu, co-founder of Animoca Brands, the project “unifies user experience, making it simpler for an end-user to access and benefit from services,” as reported by Cointelegraph.He clarified that more cooperation and integration of the partner parties’ offers are made possible by the use of an identity layer in various wallets.
“We are, in effect, sharing the network effects of all these services with each other, which will expand the ecosystem as it creates greater shared value across the space,” he said.
Siu went on to say that because Moca ID is community-owned and decentralized, the integration is anticipated to magnify network effects and increase value for Mocaverse, its partners, and users.He clarified that the goal of this kind of framework is to promote innovation and expansion among community-owned networks, starting with SocialFi and DeFi and spreading to GameFi, the financial and education industries, and education.KuCoin anticipates that the partnership will serve as an industry case study for increased cross-platform user value across various Web3 ecosystems and asset classes.
In order to accelerate the creation of the Mocaverse, Animoca Brands declared on September 11, 2023, that it was going to raise $20 million.The platform would act as “the digital identity, reputation and loyalty system for other decentralized organizations,” according to Yat Siu, co-founder of Animoca, who made this announcement at the time.To shift its emphasis from being a decentralized wallet to enabling a larger SocialFi ecosystem, KuCoin Wallet changed its name to Halo Wallet in April 2023.Halo plans to progressively give the community control over the SocialFi ecosystem’s governance through a decentralized autonomous organization, much like Mocaverse’s governance model.