SelfKey

Gros Islet, Saint Lucia, 15 October 2024 - SelfKey, SingularityDAO, and Cogito Finance have announced the proposal of a strategic token merger to launch Singularity Finance, an EVM Layer-2 for tokenising the AI economy’s Real World Assets (RWA).Combining the trio’s complementary technologies will power a platform optimised for Artificial Intelligence tokenisation that will accelerate Web3. Tokenising AI assets such as GPUs and integrating them into existing DeFi applications will create new onchain primitives, enabling more efficient funding sources for AI-driven innovations.<a href="https://www.singularityfinance.ai/" rel="noopener noreferrer nofollow">Singularity Finance</a> will bring RWAs onchain using SelfKey&#39;s compliant identity solution which will work in tandem with Cogito&#39;s tokenisation framework, thus allowing users to easily participate in new decentralised markets. Singularity’s Layer-2 will offer AI-powered financial tools services that enhance and automate analysis, portfolio, and risk management leveraging SingularityDAO&#39;s AI-driven DynaVaults and other technologies.Cogito Finance CEO Cloris Chen said: “The rapid growth of the AI sector is creating significant opportunities for both institutions and retail participants. However, barriers still exist on both the demand and supply sides, limiting broader participation in the AI economy. By developing our own Layer-2 solution democratising AI-Fi, we can overcome these challenges and remain agile in adapting to an evolving regulatory landscape.”SingularityDAO co-founder Mario Casiraghi added: “We stand at the intersection of AI and DeFi, where much of the innovation currently taking place within the Web3 space is occurring. AI-Fi harnesses the immense potential of the AI economy by tokenising the AI value chain, creating unprecedented opportunities to access, exchange and monetise these assets.&#34;As part of the merger, the three existing tokens—SDAO, CGV, and KEY—will be converted into a unified token, SFI, which will serve as the network token for Singularity Finance. Initially, the SFI token will be available on Ethereum and BNB Chain, with mainnet released planned for the first half of 2025 and with the conversion ratios between SDAO, CGV, and KEY set as follows:<ul><li>KEY will convert to SFI at a ratio of 1:0.1 (1 KEY &#61; 0.1 SFI)</li><li>SDAO will convert to SFI at a ratio of 1:8.0353 (1 SDAO &#61; 8.0353 SFI)</li><li>CGV will convert to SFI at a ratio of 1:1.0890 (1 CGV &#61; 1.0890 SFI)</li></ul>The pricing is based on the 200 days moving average of each token in the period up to 20th August 2024.The proposal states that upon closing of the merger, a leadership council for Singularity Finance will be established to oversee and guide the 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. Following the merger proposal announcement, the SDAO community will have the opportunity to participate in a governance vote, which will run from 21 to 31 October.The proposed merger will address the significant challenges currently faced in the ownership and accessibility of AI-related assets and yield. By leveraging Singularity Finance’s compliant tokenisation infrastructure, users will be able to access yield opportunities from compute and AI agents; in addition, AI market participants will be able to foster extra liquidity for their assets thereby making AI and hardware-backed high-quality yield more accessible. Singularity Finance will solve these challenges through its Layer-2 including built-in legal frameworks, distribution channels, marketplace, and AI-driven asset management tools.About SingularityDAOSingularityDAO 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: <a href="https://singularitydao.ai/" rel="noopener noreferrer nofollow">https://singularitydao.ai/</a>About Cogito FinanceCogito&#39;s mission is to bring traditional assets onchain for increased liquidity, security, and transparency. It offers a suite of carefully-engineered, fully transparent, and institutional-grade investment products. Led by a team of finance and technology experts, Cogito is pioneering the future of onchain finance.Learn more: <a href="https://www.cogito.finance/" rel="noopener noreferrer nofollow">https://www.cogito.finance/</a>About SelfKeyA blockchain-based identity platform that enables individuals and organisations to securely manage and control their digital identities, enhancing compliance with KYC requirements through decentralised technology. With a team experienced in decentralised identity since 2014 across major companies, SelfKey aims to revolutionise the KYC onboarding process by lowering costs, improving security, and upholding the principles of self-sovereign identity.Learn more: <a href="https://selfkey.org/" rel="noopener noreferrer nofollow">https://selfkey.org/</a>

Merger Proposal: SelfKey to Team up with SingularityDAO and Cogito Finance to Build the Foundation for the Tokenised AI Economy

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