- SingularityDAO merges with SelfKey and Cogito to kind Singularity Finance.
- 94.7% of SDAO holders authorised the merger, awaiting KEY holders’ ultimate vote.
- Singularity Finance to deal with AI, RWA tokenization, and on-chain identification.
In a landmark resolution, SingularityDAO, the DeFi arm of the SingularityNET AI ecosystem liable for decentralized portfolio administration, has voted to merge with Cogito Finance and SelfKey to kind a brand new entity, Singularity Finance. This EVM Layer 2 platform will deal with tokenizing the AI financial system and accelerating the adoption of AI-powered monetary options.
The merger was authorised by an awesome 94.7% of SingularityDAO (SDAO) token holders, with over 15 million tokens solid in favour.
The neighborhood vote, performed via the Snapshot governance platform, represents a essential step towards Singularity Finance’s creation, which is able to provide superior decentralized finance (DeFi) and synthetic intelligence (AI) options. Notably, the vote comes barely two weeks after the merger was proposed.
Mario Casiraghi, Co-Founding father of SingularityDAO, expressed gratitude for the neighborhood’s help, saying, “We’re grateful 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 are going to now transfer forward with the proposal to create Singularity Finance as an L2 that mixes the perfect components of SingularityDAO with these of our companions SelfKey and Cogito Finance to speed up DeFi and AI innovation.”
Cloris Chen, CEO of Cogito Finance, highlighted the partnership’s potential, stating, “The overwhelming neighborhood help for the SFI merger is a robust testomony to the shared imaginative and prescient we’ve got for the way forward for finance. By combining our experience and applied sciences, we’re poised to unlock unprecedented alternatives on the intersection of AI and DeFi.”
SelfKey Group anticipated to vote on the merger
The merger now awaits a ultimate vote from SelfKey’s neighborhood of KEY token holders to solidify SelfKey’s participation.
As soon as authorised, Singularity Finance will function a complete platform addressing essential areas within the AI and DeFi ecosystem, together with real-world asset (RWA) tokenization and on-chain identification administration.
This built-in strategy will improve SingularityDAO’s current AI-powered portfolio administration capabilities with SelfKey’s compliance options and Cogito Finance’s RWA tokenization options.
A management council will information Singularity Finance, with distinguished members together with Dr. Ben Goertzel, CEO of SingularityNET, Cloris Chen, CEO of Cogito Finance, and Mario Casiraghi, CFO of SingularityNET. Collectively, they intention to pioneer modern monetary providers, concentrating on builders and customers within the rising AI-based monetary panorama.
