The post SingularityDAO, Cogito Finance, and SelfKey Merge to Build the Foundation for the Tokenised AI Economy appeared on BitcoinEthereumNews.com.

[PRESS RELEASE – Gros Islet, Saint Lucia, October 15th, 2024] SingularityDAO, Cogito Finance, and SelfKey have announced 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. Singularity Finance will bring RWAs onchain using Cogito’s tokenisation framework, creating decentralised markets where users can easily participate with the support of SelfKey’s compliant identity solution. Singularity’s Layer-2 will offer AI-powered financial tools services that enhance and automate analysis, portfolio, and risk management leveraging SingularityDAO’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.” 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…

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Filed under: News - @ October 15, 2024 12:23 pm