SingularityDAO Approves Merger With Cogito Finance and SelfKey Following SDAO Community Vote
Gros Islet, St. Lucia, November 1st, 2024, Chainwire
SingularityDAO has concluded a community vote to determine its proposed merger with Cogito Finance and SelfKey. SDAO holders voted overwhelmingly in favour of the merger, enabling SingularityDAO to press ahead with plans to form Singularity Finance, an EVM Layer 2 for tokenising the AI economy.
The proposal to merge with Cogito Finance and SelfKey and combine technologies to create Singularity Finance was put to SDAO holders via Snapshot, the popular governance framework. More than 15M SDAO were used in the voting process with 94.78% of the tokens utilised approving the merger.
SingularityDAO Co-Founder Mario Casiraghi said: “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.”
Following the governance vote, SingularityDAO is poised to proceed with the merger pending an imminent community vote on behalf of KEY holders that will determine SelfKey’s position. The creation of Singularity Finance would enable the three projects to align to develop solutions across all stages of the Artificial Intelligence (AI) value chain.
Singularity Finance has been conceived with the goal of supporting an array of AI-driven financial services including RWA tokenisation and onchain identity management. Through positioning itself as a leader in the rapidly growing AI economy, the Layer 2 will attract developers and users seeking to gain exposure to the new use cases and assets the industry supports.
Cloris Chen, CEO of Cogito Finance, shared in a quote: “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. Singularity Finance will be a leading force in driving innovation and accessibility in this dynamic landscape, empowering individuals and institutions alike.”
The existing AI-powered portfolio management services SingularityDAO currently provides will be enhanced by the incorporation of compliance and RWA tokenisation solutions courtesy of SelfKey and Cogito Finance respectively. This will include financial tools that enhance and automate analysis, portfolio, and risk management leveraging SingularityDAO’s AI-driven DynaVaults and other technologies.
The proposed merger will see a leadership council for Singularity Finance established to oversee operations of the newly merged financial ecosystem. The council will be led by Dr. Ben Goertzel, CEO of SingularityNET and the Artificial Superintelligence Alliance; Cloris Chen, CEO of Cogito Finance; and Mario Casiraghi, CFO of SingularityNET and Co-Founder of SingularityDAO.
About SingularityDAO
SingularityDAO is a decentralised Portfolio Management Protocol designed to democratise access to sophisticated crypto asset management tools. The upcoming DynaVaults, multi-asset, multistrategy vaults leveraging AI-enhanced analytics and risk management tools, provide the much needed infrastructure in the volatile world of DeFi.
Learn more: https://singularitydao.ai/