SingularityDAO is set to merge with Cogito Finance and SelfKey to form Singularity Finance, a layer-2 tokenization platform.
The move follows a governance vote in which the SingularityDAO (SDAO) community overwhelmingly approved the merger proposal. Voting saw more than 15 million SDAO tokens cast, with 94.78% in favor of the proposal.
SingularityDAO is a decentralized platform for AI-powered digital asset management, while SelfKey offers a self-sovereign digital identity system, and Cogito Finance focuses on real world asset tokenization within the SingularityNET ecosystem.
Tthe three platforms announced their merger plans in October, with this coming amid reports of how mergers could drive AI and web3 adoption.
With the merger proposal approved, Cogito Finance, SelfKey, and SingularityDAO have the go-ahead to form Singularity Finance, a new EVM layer-2 platform for the tokenization of the AI economy.
Mario Casiraghi, co-founder of SingularityDAO, noted that SDAO holders’ approval of the merger is pivotal for DeFi and AI innovation. Singularity Finance, as a layer-2 network, will incorporate technologies from SingularityDAO, SelfKey, and Cogito Finance, Casiraghi added.
In addition to SelfKey’s compliance solutions and Cogito Finance’s RWA tokenization service, Singularity Finance will feature financial tools for automated analysis and risk management, leveraging SingularityDAO’s technologies.
Singularity Finance aims to support various AI-driven financial services, including real-world asset tokenization and on-chain identity management. The layer-2 platform intends to position itself as a leading platform for developers and users in the growing AI economy, according to a SingularityDAO press release sent to crypto.news.
“By combining our expertise and technologies, we are poised to unlock unprecedented opportunities at the intersection of AI and DeFi. Singularity Finance will be a leading force in driving innovation and accessibility in this dynamic landscape, empowering individuals and institutions alike.”
Cloris Chen, CEO of Cogito Finance.
Dr. Ben Goertzel, CEO of SingularityNET and the Artificial Superintelligence Alliance, will lead a council overseeing Singularity Finance operations. The team will also include Cogito Finance’s Cloris Chen and SingularityDAO’s Mario Casiraghi.