Jul 12, 2021
Citation for Genesis Block Ventures
HaloDAO launched v0 on 6 July 2021. We would like to show our appreciation to our investor community who have been with us from the early days of our journey.
HaloDAO sees fiat backed stablecoins as the highest source for TVL growth. In this emerging space, GBV has been working hard with HaloDAO to lay the foundations for this next phase of crypto expansion.
We first met GBV and were challenged by our stablecoin thesis. We initially took the view that synthetic stablecoins were key in unlocking accessibility in local markets. We were fortunate to have the intellectual firepower of Leslie, Co-Founder and Partner at GBV highlighting the difficulties and risks in bringing local adoption. Namely, the risks are in solving for ramps and local acceptance. Without a large distribution partner, often even with the promise of DeFi, it is difficult to bring large involvement among local populations. We took his advice and considered other early backers’ views. Our conclusion was to pivot from synthetic stables and to focus on arranging the optimised set of money legos to target the biggest opportunity.
We pivoted and HaloDAO is currently building an AMM & Lending Market geared towards local currency farming, an asset agnostic money market fund product. One of the key observations in synthetic stablecoins is that it requires the collateralisation of existing crypto assets.
This massively restricts the amount of stablecoins that can be minted. In comparison, fiat is available in abundance. The team that is able to bring FIAT into the crypto ecosystem via regulated on-ramps will be the one that bridges traditional finance and DeFi
GBV is that special investor that is strategically positioned to spearhead the onboarding of traditional finance onto DeFi. As a private investment company located in Hong Kong, one of the key financial hubs, GBV is closely working with digital asset OTC trading center Genesis Block HK, with access to a strong network of liquidity providers and investors that can take advantage of this opportunity for local currency farming.
In the course of our dealings with GBV, they demonstrate that they are active and involved partners. One of the main actions we are taking with them is organising a DeFi meetup for the GBV community on 19 July 2021. More details will be released soon. They also regularly provide strategic support for creating media collateral among other things. Special mention to Charles and John in mobilising various resources for HaloDAO.
Venturing into space and going beyond the moon can be an exciting and perilous journey. We are thankful that GBV is on this journey with us. Their support and expert guidance better ensures that our ship is run well and we are poised to bring Heyhey and our community to go beyond no man has explored before.
So it gives us great pleasure to award the highest honour that the Protocol Team can award: The Friends of Heyhey NFT.
We thank the GBV for their partnership, consistent support and being at the front to bring forth the next phase of crypto expansion.
Do join us at our upcoming webinar with GBV and TDX Securities that will be happening on the 26th July, 2021 where we will be discussing Hong Kong’s strategic positioning as a financial centre for DeFi Innovation.
Details of the webinar can be found here!
About Genesis Block Ventures
Genesis Block Ventures (GBV) is a full-service investment company closely working with Genesis Block HK, Asia’s leading digital asset over-the-counter (OTC) trading center.
As a private investment company with a mission of building the future through blockchain, Genesis Block Ventures is an active participant in the DeFi revolution, and has grown a thriving network to form an effective ecosystem for all aspects of blockchain, crypto, and DeFi projects. They bring the power of capital, network and expertise to frontier technology teams to solve the world’s biggest problems.
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