Mocaverse — the membership network and metaverse project of Animoca Brands — cryptocurrency exchange KuCoin and Web3 wallet Halo Wallet have joined forces to streamline user navigation across different industry segments, including crypto trading, decentralized finance (DeFi), gaming and SocialFi.
According to a Feb. 15 announcement shared with Cointelegraph, the partnership will combine Mocaverse’s nontransferable nonfungible token (NFT) digital identity, Moca ID, KuCoin’s user accounts and Halo’s Genesis membership pass to “redefine on-chain identity and facilitate growth” in the Web3 space.
Web3 sub-ecosystems such as crypto trading, digital collectibles, DeFi, and the metaverse “operate somewhat independently,” a KuCoin spokesperson told Cointelegraph. They explained:
“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.
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Animoca Brands co-founder Yat Siu told Cointelegraph that the initiative “unifies user experience, making it simpler for an end-user to access and benefit from services.” He explained that using an identity layer in different wallets allows for more collaboration and integration of offerings provided by the partner parties.
“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 added that the integration is expected to amplify network effects, enhancing the value for Mocaverse, its partners and users due to the decentralized nature of Moca ID, which is community-owned. He explained that such a framework is anticipated to spur innovation and growth across community-owned networks, notably within SocialFi and DeFi and extending to the GameFi and education and finance sectors.
KuCoin expects the collaboration to become an industry case study for greater cross-platform value for users across different Web3 ecosystems and asset types.
On Sept. 11, 2023, Animoca Brands announced that it was raising $20 million to expedite the development of the Mocaverse. At the time, Animoca co-founder Yat Siu highlighted that the platform would serve as “the digital identity, reputation and loyalty system for other decentralized organizations.”
Meanwhile, KuCoin Wallet rebranded as Halo Wallet in April 2023 to expand the platform’s focus from being a decentralized wallet to supporting a broader SocialFi ecosystem.
Similar to Mocaverse’s vision of governance, Halo intends to gradually transfer the governance rights of its SocialFi ecosystem to the community through a decentralized autonomous organization.