Partner Spotlight: HaloFi - Gamifying Savings to Create Better Financial Health
August 20 2024
by Behice Uzun
Saving emerges as a significant application for stablecoins, particularly for individuals navigating hyperinflation in high-risk regions across Africa, Latin America, and the Middle East. By 2022, countries like Argentina, Turkey, Lebanon, Venezuela, and Zimbabwe experienced unprecedented hyperinflation rates, threatening wealth preservation. In Argentina, for instance, inflation surged to 100%, while the Turkish lira lost over 80% of its value against the dollar in the past five years. Stablecoins can provide a reliable hedge against fiat currency devaluation amid this severe economic landscape. As traditional savings methods falter due to rampant inflation, stablecoins offer a secure alternative for individuals seeking to protect their hard-earned wealth. Addressing these challenges, HaloFi, a savings platform leveraging Mento’ dollar-stablecoin cUSD, provides users with a secure and accessible means of asset preservation. Unlike conventional savings accounts denominated in national currencies, HaloFi's integration of cUSD ensures a stable store of value for users' savings. cUSD collateral is fully transparent, and the stablecoin is significantly overcollateralized.
About HaloFi
HaloFi is a non-custodial and decentralized savings platform built on the Celo blockchain and powered by Mento’s cUSD, providing a solution for individuals seeking to save and earn interest on stable tokens through HaloFi Save. Its user-friendly mobile interface allows users to deposit funds, set financial goals, and receive timely reminders. HaloFi aims to make saving in digital dollars accessible to everyone. The platform incorporates gamified elements into the saving process, enhancing the user experience and making it enjoyable and intuitive. Additionally, users can earn passive income on their assets through HaloFi, further enhancing their financial well-being.
HaloFi’s Solutions
Earning Interest with Deposits: By making regular deposits, users can earn interest on their stablecoin savings, enhancing their financial resilience and stability.
Simple UX and Wallet Integration: HaloFi's intuitive platform allows users to connect their wallets, such as MiniPay, Valora, MetaMask, and more, and start depositing stable tokens to earn interest effortlessly.
Personalized Financial Goals: HaloFi enables users to set personalized goals and track their progress towards achieving them, and empowers users to take control of their financial future.
Easy On-Ramping: Users can purchase cryptocurrency within the HaloFi app, which simplifies their onboarding into the world of digital assets.
Mento Stables in Action
At the core of HaloFi's solution is the integration of the Mento dollar stablecoin, cUSD. Through the HaloFi app, users deposit their savings in cUSD, which is then pooled into Moola to generate interest. This process not only provides a stable value for savings but also grants users a convenient exposure to cryptocurrency in relation to the dollar.
Measurable Benefits
HaloFi’s solutions have facilitated the Celo and Mento communities in saving over 4 million dollars worth of crypto.
HaloFi and Mento Labs’ Partnership Testimonials
“Our commitment to offering users a reliable and accessible platform led us to partner with Mento Labs and leverage their stablecoin, cUSD. The integration of cUSD into our savings platform has been met with approval from our user base. Our long-term association with cUSD has enabled us to provide our users with the security and peace of mind they need to navigate turbulent economic waters,” said Rachel Black, CEO at HaloFi. “With low Celo gas fees and access to USD-valued tokens globally facilitated by the Mento Platform, our users can confidently save and earn passive income.”
"In response to the complexities of financial management in emerging markets, HaloFi does a remarkable job in leveraging cUSD to provide users with a secure and accessible avenue for preserving their assets. This partnership exemplifies the power of collaboration in addressing real-world challenges, particularly in regions plagued by hyperinflation and economic instability,” said Markus Franke, CEO at Mento Labs. “We are proud to support HaloFi in their mission to gamify savings and create better financial health for individuals across the globe."
How to Get Started with HaloFi?
- Users can visit the HaloFi app from any device and connect their preferred wallet.
- Whether holding cryptocurrencies or not, individuals can easily deposit funds and start earning interest without the need for stable tokens. HaloFi supports various payment methods including mobile money, AirTime, M-PESA, or bank transfer for topping up an individual's account.
- Once connected, users set their saving goals and track their progress directly within the HaloFi app.
Next Steps
Looking ahead, Mento Labs will participate in HaloFi’s upcoming 6-week DeFi Diplomas Pro course alongside other ecosystem partners. This comes after the successful 7-week HaloFi DeFi Diplomas course that was held from April to June 2024, where Markus Franke presented on the topic of stablecoins. Additionally, Mento and HaloFi teams are gearing up for an exciting collaboration on Zealy to reward users who save with HaloFi. To stay tuned for more details, follow Mento on Twitter X and join the community on Discord.
Learn more about the HaloFi DeFi Diplomas course here.
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