Animoka mokavers, KuCoin to facilitate cross-platform identity

Mokaverse – Animoka's brands membership network and Metaverse project – cryptocurrency exchange KuCoin and Web3 wallet Halo Wallet User exploration in various industry segments, including crypto trading, decentralized finance (DeFi), gaming and social.

In the year According to an announcement shared with Cointelegraph on February 15, the partnership will integrate Mokaverse's non-transferable token (NFT) digital ID, Moka ID, KuCoin user accounts and Halo Genesis membership pass in Web3 to “redefine on-chain identity and facilitate growth.” Space.

Web3's sub-systems, such as crypto trading, digital collectors, DeFi and Metaverse, “operate somewhat independently,” a CuCoin spokesperson told Cointelegraph. He explained.

“Users have found it challenging to gain benefits in these sub-ecosystems. For example, active users on exchanges may not have comparable benefits in the NFTs, Metaverse or DeFi ecosystems. This is a pain point for users in the Web3 world.”

According to the spokesperson, this initiative will try to solve this problem by establishing a cross-identification network of users of KuCoin, Mocaverse and Halo Wallet.

Related: Animoka brands to focus on creative economy, 2024 interaction

Yat Siu, founder of Animoka Brands, told Cointelegraph that this initiative will unify the user experience, making it easier for end users to access and benefit from services. He explained that the use of an identity layer in different wallets will allow for greater collaboration and integration of offerings from partners.

“We are practically sharing the network effects of all these services with each other, which will create more shared value in the space and expand the ecosystem,” he said.

Siu added that the merger will amplify network effects and increase value for Mokaverse, its partners and users, as Moka ID's community ownership is decentralized. He explained that such a framework would encourage innovation and growth in community-owned networks, particularly in SocialFi and DeFi, and into the GameFi and education and financial sectors.

KuCoin expects KuCoin to be a valuable industry case study for users across various Web3 ecosystems and asset types.

On September 11, 2023, Animoka Brands announced that it was raising $20 million to accelerate the development of Mokaverse. At the time, Animoca founder Yat Siu explained that the platform would serve as “a digital identity, reputation and trust system for other decentralized organizations.”

Meanwhile, KuCoin Wallet changed its platform's focus from being a decentralized wallet to Halo Wallet in April 2023 to support the broader SocialFi ecosystem.

Similar to Mokaverse's governance vision, Halo intends to gradually transfer the governance rights of the SocialFi ecosystem to the community through a decentralized, independent organization.