- SingularityDAO merges with SelfKey and Cogito to kind Singularity Finance.
- 94.7% of SDAO holders accepted the merger, pending a remaining vote by KEY holders.
- Singularity Finance will concentrate on AI, RWA tokenization and on-chain identification.
In a significant resolution, SingularityDAO, the DeFi arm of the SingularityNET AI ecosystem answerable for decentralized portfolio administration, voted to merge with Cogito Finance and SelfKey to kind a brand new entity, Singularity Finance. This EVM Layer 2 platform will concentrate on tokenizing the AI economic system and accelerating the adoption of AI-based monetary options.
The merger was accepted by an amazing 94.7% of SingularityDAO (SDAO) token holders, with greater than 15 million tokens surrendered in favor.
Neighborhood voting, performed by means of the Snapshot governance platform, is a significant step in the direction of the creation of Singularity Finance, which can supply superior decentralized finance (DeFi) and synthetic intelligence (AI) options. Remarkably, the vote comes barely two weeks after the merger was proposed.
Mario Casiraghi, co-founder of SingularityDAO, expressed his gratitude for the group's assist, saying, “We’re grateful to all SDAO holders for collaborating on this essential governance vote and having their say on the way forward for SingularityDAO. With their approval, we’ll now transfer ahead with a proposal to create Singularity Finance as L2, combining one of the best parts 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 potential of the partnership, saying: “The overwhelming group assist for the SFI merger is a powerful testomony to the shared imaginative and prescient we’ve got for the way forward for finance. By combining our experience and expertise, we’re poised to unlock unprecedented alternatives on the intersection of AI and DeFi.”
The SelfKey Neighborhood is anticipated to vote on the merger
The merger now awaits a remaining vote from SelfKey's group of KEY token holders to solidify SelfKey's participation.
As soon as accepted, Singularity Finance will function a complete platform to handle vital areas within the AI and DeFi ecosystem, together with actual asset tokenization (RWA) and on-chain identification administration.
This built-in strategy will improve SingularityDAO's present AI-based portfolio administration capabilities with SelfKey's compliance capabilities and Cogito Finance's RWA tokenization options.
Singularity Finance can be led by a board of administrators whose distinguished members are Drs. Ben Goertzel, CEO of SingularityNET, Cloris Chen, CEO of Cogito Finance, and Mario Casiraghi, CFO of SingularityNET. Collectively, they purpose to pioneer modern monetary companies, specializing in builders and customers within the rising monetary panorama powered by synthetic intelligence.
