- SingularityDAO merges with SelfKey and Cogito to shape Singularity Finance.
- 94.7% of SDAO holders authorized the merger, anticipating KEY holders’ ultimate vote.
- Singularity Finance to concentrate on AI, RWA tokenization, and on-chain id.
In a landmark determination, SingularityDAO, the DeFi arm of the SingularityNET AI ecosystem chargeable for decentralized portfolio control, has voted to merge with Cogito Finance and SelfKey to shape a brand new entity, Singularity Finance. This EVM Layer 2 platform will center of attention on tokenizing the AI economic system and accelerating the adoption of AI-powered monetary answers.
The merger used to be authorized by means of an amazing 94.7% of SingularityDAO (SDAO) token holders, with over 15 million tokens solid in favour.
The neighborhood vote, performed throughout the Snapshot governance platform, represents a vital step towards Singularity Finance’s introduction, which is able to be offering complicated decentralized finance (DeFi) and synthetic intelligence (AI) answers. Particularly, the vote comes slightly two weeks after the merger used to be proposed.
Mario Casiraghi, Co-Founding father of SingularityDAO, expressed gratitude for the neighborhood’s toughen, announcing, “We’re thankful to all SDAO holders for collaborating on this pivotal governance vote and having their say on the way forward for SingularityDAO. With their approval, we can now transfer forward with the proposal to create Singularity Finance as an L2 that mixes the most efficient components of SingularityDAO with the ones of our companions SelfKey and Cogito Finance to boost up DeFi and AI innovation.”
Cloris Chen, CEO of Cogito Finance, highlighted the partnership’s attainable, mentioning, “The overpowering neighborhood toughen for the SFI merger is an impressive testomony to the shared imaginative and prescient we have now for the way forward for finance. By means of combining our experience and applied sciences, we’re poised to liberate exceptional alternatives on the intersection of AI and DeFi.”
SelfKey Neighborhood anticipated to vote at the merger
The merger now awaits a last vote from SelfKey’s neighborhood of KEY token holders to solidify SelfKey’s participation.
As soon as authorized, Singularity Finance will function a complete platform addressing vital spaces within the AI and DeFi ecosystem, together with real-world asset (RWA) tokenization and on-chain id control.
This built-in method will make stronger SingularityDAO’s present AI-powered portfolio control features with SelfKey’s compliance options and Cogito Finance’s RWA tokenization answers.
A management council will information Singularity Finance, with outstanding contributors together with Dr. Ben Goertzel, CEO of SingularityNET, Cloris Chen, CEO of Cogito Finance, and Mario Casiraghi, CFO of SingularityNET. In combination, they target to pioneer cutting edge monetary products and services, concentrated on builders and customers within the rising AI-based monetary panorama.