HaloDAO – a stable coin-focused decentralized marketplace – has reportedly secured $3.5 million in seed investments, in support of its design of an all-in-one DeFi ecosystem. 

HaloDAO – established by an ex-member of ConsenSys – is reportedly putting resources in building liquid markets, supporting swapping, borrowing, and lending dedicated to stable coins beyond the U.S. dollar.

As included in the initial release, HaloDAO will reportedly direct its resources in facilitating asset-based stable coins for Asian fiat currencies.

“Asia has one of the most tech-savvy and blockchain-aware populations in the world and will likely reach mass adoption of digital assets before other regions. We believe that HaloDAO is building a scalable platform that will enable end-users in this and other regions to significantly benefit from this nascent technology.” Julian Gropp, portfolio manager at Parataxis Capital, reportedly remarked. 

Darius Sit, co-founder and CIO of QCP Capital, reportedly referred to HaloDAO’s platform as supporting the “convergence of traditional and decentralized finance.”

Upon its official availability, HaloDAO will reportedly offer to facilitate features for the Asia-Pacific area, covering the Hong Kong dollar-pegged TrueHKD, the Singapore dollar-pegged XSGD, and the Indonesian Rupiah-pegged BIDR.

The DeFi market has reportedly sailed through some rough waters earlier this week, with Bitcoin (BTC) and the crypto market as a whole suffered from one of the most significant corrections in recent history.

The DeFi boom was widely shown following Polygon – a high-profile platform devoted to Ethereum scaling – reportedly managed to reel in 75,000 new users in just seven days.