HaloDAO is collaborating with YGG for “local” stablecoin support “for simpler cash out,” according to an update shared with Crowdfund Insider.
HaloDAO, a stablecoin marketplace protocol, is working cooperatively with Yield Guild Games (YGG) to “enable YGG community members to support simpler cash outs in local regions with its updated v1 stablecoin optimized AMM on Ethereum and Polygon,” the announcement noted.
There will be a special focus on expanding access to Singapore and the Philippines and other “high growth” regions, the update revealed. The objective of stablecoin support is to “build out a Play-to-Grow model, whereby the gamers are empowered to go a step further from earning by allowing them to grow those earnings with yield farming and access other DeFi applications,” the announcement explained.
As stated in the update:
“In the current Play-to-Earn model there exist cooperative organizations (called Guilds in the case of Axie Infinity) which enable people without the startup capital to participate in crypto-gaming of all kinds. YGG follows this model, and to date has enabled over 4,700 scholars to earn more than 61M SLP to date.”
Since its launch, players have reported earning “upwards of $400” which has proven to be “crucial” for families during the lockdown period, the release noted. This is “especially true in areas where earning opportunities are limited – YGG and crypto-gaming in general have the power to change many lives.”
As noted in the release:
“After scholars earn their SLP, they usually either hold onto it or search for ways to cash it out – the latter of which is one step we at HaloDAO plan to improve. Instead of simply selling all of their earnings into fiat, our P2G model enables scholars and other crypto-gamers to convert that income into their local stablecoins and earn yield.”
HaloDAO and YGG are developing appropriate financial tools and integrating with Discord to enable users to track their performance, “gain yield on top of their earnings, invest in their own scholar teams, and more,” the announcement noted. The two organizations “embrace the entrepreneurial spirit of P2E gamers and enable them to do more with their hard-earned income.”
“YGG is helping people from all over the world gain equal access to the income-earning opportunities in crypto, and this collaboration with HaloDAO DeFi products improves their income-earning capacity,” stated Gabby Dizon, Founder YGG.
HaloDAO is presently working with local currency stablecoin issuers and synthetic stablecoin protocols to “target” the regions of Southeast Asia (Philippines, Indonesia, Singapore), Latin America, Europe, United Kingdom and Hong Kong “to support the use of these local stablecoins within Decentralized Finance.”
HaloDAO and YGG are joining forces to “create a future in which players can invest, earn and spend crypto easily – building a better future for their families,” the announcement noted.