SingularityDAO community approves merger with SelfKey and Cogito Finance

• SingularityDAO merges with SelfKey and Cogito to form Singularity Finance.
• 94.7% of SDAO holders approved the merger, awaiting KEY holders’ final vote.
• Singularity Finance to focus on AI, RWA tokenization, and on-chain identity.

In a landmark decision, SingularityDAO, the DeFi arm of the SingularityNET AI ecosystem responsible for decentralized portfolio management, has voted to merge with Cogito Finance and SelfKey to form a new entity, Singularity Finance. This 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 cast in favour.

The community vote, conducted through the Snapshot governance platform, represents a critical step toward Singularity Finance’s creation, which will offer advanced decentralized finance (DeFi) and artificial intelligence (AI) solutions. Notably, the vote comes barely two weeks after the merger was proposed.

Mario Casiraghi, Co-Founder of SingularityDAO, expressed gratitude for the community’s support, 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.”

Cloris Chen, CEO of Cogito Finance, highlighted the partnership’s potential, stating, “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.”

SelfKey Community expected to vote on the merger

The merger now awaits a final vote from SelfKey’s community of KEY token holders to solidify 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 aim to pioneer innovative financial services, targeting developers and users in the emerging AI-based financial landscape.