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.
Related: Animoca Brands to focus on creator economy, interoperability in 2024
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…
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