- SingularityDAO merges with SelfKey and Cogito Finance to form Singularity Finance
- 94.7% of SDAO holders approved the merger, pending the final vote of KEY holders
- Singularity Finance will focus on AI, RWA tokenization and on-chain identity
In a landmark decision, SingularityDAO has voted to merge with Cogito Finance and SelfKey to form a new entity, Singularity Finance.
This Ethereum Virtual Machine (EVM) layer 2 platform will focus on tokenizing the AI economy and accelerating the adoption of AI-powered financial solutions.
The merger was approved by an overwhelming 94.7% of SingularityDAO (SDAO) token holders, with over 15 million tokens in favor. SingularityDAO is the decentralized finance (DeFi) arm of the SingularityNET AI ecosystem responsible for decentralized portfolio management.
The community votesexecuted through the Snapshot governance platform, represents a crucial step towards the creation of Singularity Finance, which will provide cutting-edge DeFi and AI solutions. It is striking that the vote takes place barely two weeks after the merger proposal.
Mario Casiraghi, co-founder of SingularityDAO, expressed his gratitude for the community’s support and said:
“We are grateful to all SDAO holders for participating in this crucial board vote and having a say on the future of SingularityDAO. With their approval, we are now moving forward 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.”
Highlighting the potential of the partnership, Cloris Chen, CEO of Cogito Finance, said: “The overwhelming community support for the SFI merger is a powerful testament to the shared vision we have for the future of the financial industry. By combining our expertise and technologies, we are poised to unlock unprecedented opportunities at the intersection of AI and DeFi.”
The SelfKey Community is expected to vote on the merger
The merger now awaits a final vote from SelfKey’s community of KEY token holders to strengthen SelfKey’s participation.
Once approved, Singularity Finance will serve as a comprehensive platform addressing critical areas in the AI and DeFi ecosystem, including real-world asset (RWA) tokenization and on-chain identity management.
This integrated approach will enhance SingularityDAO’s existing AI-powered portfolio management capabilities with SelfKey’s compliance features and Cogito Finance’s RWA tokenization solutions.
A leadership council will guide Singularity Finance, with prominent members including Dr. Ben Goertzel, CEO of SingularityNET, Cloris Chen, CEO of Cogito Finance, and Mario Casiraghi, CFO of SingularityNET.
Together they want to pioneer innovative financial services, aimed at developers and users in the emerging AI-based financial landscape.
