In a significant move for the cryptocurrency and decentralized finance (DeFi) sectors, SingularityDAO token holders have overwhelmingly approved a merger with Cogito Finance and SelfKey, paving the way for the creation of Singularity Finance. This new EVM layer 2 platform will focus on tokenizing the artificial intelligence (AI) economy, combining the strengths of all three organizations.
The proposal for this merger was initially announced last month, positioning Singularity Finance as an innovative platform that integrates AI and DeFi technologies. The merger received strong community backing, with a vote conducted via the Snapshot governance framework. More than 15 million SDAO tokens participated in the voting process, with an impressive 94.7% in favor of the merger.
Mario Casiraghi, Co-Founder of SingularityDAO, expressed gratitude to the community, stating, “We’re grateful to all SDAO holders for participating in this pivotal governance vote and having their say on the future of SingularityDAO. With their approval, we will now move ahead with the proposal to create Singularity Finance as an L2 that combines the best elements of SingularityDAO with those of our partners SelfKey and Cogito Finance to accelerate DeFi and AI innovation.”
The successful merger now hinges on a community vote from SelfKey’s KEY token holders. The newly formed Singularity Finance aims to develop a range of solutions throughout the AI value chain, including real-world asset (RWA) tokenization and on-chain identity management.
Cloris Chen, CEO of Cogito Finance, emphasized the significance of the community's support, noting, “The overwhelming community support for the SFI merger is a powerful testament to the shared vision we have for the future of finance. By combining our expertise and technologies, we are poised to unlock unprecedented opportunities at the intersection of AI and DeFi.”
The merger promises to enhance SingularityDAO’s existing AI-powered portfolio management services. The integration of compliance and RWA tokenization solutions from SelfKey and Cogito Finance will create a more robust offering within the DeFi landscape.
Singularity Finance will be governed by a leadership council featuring prominent figures in the industry, including Dr. Ben Goertzel, CEO of SingularityNET and the Artificial Superintelligence Alliance; Cloris Chen, CEO of Cogito Finance; and Mario Casiraghi, CFO of SingularityNET. This diverse leadership team is set to steer the organization towards achieving its ambitious goals.
The formation of Singularity Finance marks a pivotal moment in the convergence of AI and DeFi. With strong community backing and a clear vision for the future, the new platform is positioned to redefine how AI technologies are integrated into financial systems, potentially transforming the landscape of both industries. As the next steps unfold, all eyes will be on the community votes and the innovative solutions that Singularity Finance aims to bring to market.
November 2024, Cryptoniteuae