SingularityDAO, a decentralized portfolio management protocol, has wrapped up an important community voting round on a proposed merger with Cogito Finance and SelfKey, according to the reports shared with Finbold on Friday, November 1.
The voting round has seen overwhelming support from SDAO token holders, and SingularityDAO is now ready to proceed with the creation of Singularity Finance, an EVM Layer-2 network aimed at accelerating AI economy tokenization.
SingularityDAO’s merger with Cogito Finance and SelfKey
A merger with Cogito Finance and SelfKey was proposed on Snapshot’s widely-used governance platform.
Out of 15 million SDAO tokens cast, 94.78% voted in favor of the merger.
Mario Casiraghi, Co-Founder of SingularityDAO, expressed appreciation for the community’s involvement, saying:
“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.”
Right now, SingularityDAO is awaiting the outcome of a corresponding vote from KEY holders to confirm SelfKey’s participation.
If the majority votes in favor, Singularity Finance will create comprehensive solutions for the artificial intelligence (AI) value chain.
If successful, the initiative will complement the partners’ efforts to pioneer AI-powered financial services, including real-world asset (RWA) tokenization and on-chain identity solutions.
Cloris Chen, CEO of Cogito Finance, commented on the development:
“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.”
AI-driven finance
Singularity Finance envisions itself as a leader in AI-driven financial services, targeting developers and users interested in emerging AI-based assets and use cases.
Its current AI-powered portfolio management tools thus stand to benefit greatly from SelfKey’s compliance solutions and Cogito Finance’s RWA tokenization.
Upon merger approval, a leadership council will be established, led by Dr. Ben Goertzel, CEO of SingularityNET, Cloris Chen, CEO of Cogito Finance, and Mario Casiraghi, CFO of SingularityNET and Co-Founder of SingularityDAO.
The council will guide the new ecosystem and help it integrate AI and DeFi solutions.