SingularityDAO Raises $2.7M in Private Sale Led by AlphaBit to Usher AI-Driven DeFi

by blockchainnews

Amsterdam, Netherlands, 28th April, 2021,

SingularityDAO, the unbiased DeFi-centric challenge incubated by SingularityNET, has raised $2.7 million in Private Sale funding from a variety of distinguished buyers within the cryptocurrency area.

The funding spherical was led by AlphaBit, with participation from GBV (Genesis Block Ventures), SMO Capital, QCP Capital, AU21, Jun Capital, Magnus Capital and Moonwhale Ventures.

SingularityDAO is the DeFi-centric challenge incubated by SingularityNET, a blockchain-based AI market based by Dr. Ben Goertzel, a well-known synthetic intelligence researcher. SingularityDAO focuses on bringing the advantages of AI to the world of decentralized finance, which presents one of the pure purposes for AI-driven algorithms.

SingularityDAO is a layer-two non-custodial DeFi resolution for incomes yield and receiving diversified publicity to cryptocurrencies by automated baskets of belongings. Structured as a decentralized autonomous group, SingularityDAO is a multi-layer ecosystem centered round DynaSets, diversified baskets of cryptocurrency belongings dynamically managed by AI and curated by the protocol.

SingularityDAO makes use of subtle AI to dynamically handle portfolios, execute environment friendly asset allocations and market making features to supply liquidity for high-quality tokens on DEXs, and predictively mannequin asset administration methods.

This offers a blockchain structure consisting of three layers:

  • a layer of DynaSets, the essential constructing block. These are dynamically managed collections of utility tokens, very like Hedge Funds in conventional finance. Each DynaSet is managed by a DynaSet Asset Manager (DAM), which could be a human, however will extra possible be an AI or a mix of the 2.
  • liquidity swimming pools related to the DynaSets. These are used for farming yield by making loans to the DynaSets. 
  • the DAO layer, decentralised governance pushed by SingDAO tokens. These tokens grant rights to vote on proposed modifications to the platform. Users can earn SingDAO tokens by offering liquidity to DynaSets on DEXes.

This creates a democratically-governed infrastructure of DeFi portfolios pushed and optimized by SingularityNET’s AI.

“We are proud and humbled by the staggering support received by some of the world’s leading blockchain venture capitalists, which signals that AI-DeFi is going to be the next big thing in crypto by bringing financial sophistication to DeFi with AI-managed funds powered by SingularityNet’s superior AI technology.” stated Marcello Mari, CEO of SingularityDAO. “SingularityDAO’s will help thousands of users to get exposure to the crypto-economy in this critical time.”

“SingularityDAO has the potential to leverage AI technology to address the challenges of low liquidity and price volatility when purchasing small to mid-cap tokens in the DeFi ecosystem,” stated Leslie Tam, Co-founder and Partner at GBV. “GBV is excited to have participated in the fundraising to support Marcello and the team at SingularityDAO.”

Following the disclosing of SingularityDAO in November 2020, the challenge has been busy delivering its promise of AI-driven DeFi. The funding spherical will probably be crucial in rushing up the event and development of SingularityDAO because it gears up for mainnet launch.

In order to foster the decentralization of its ecosystem, SingularityDAO’s crew has introduced today its first Governance Generation Event opening as much as the distribution of 8,000,000 governance tokens.

About SingularityDAO

SingularityDAO is a singular layer-two non-custodial DeFi resolution. It is a totally Decentralized Autonomous Organization ruled democratically that enables members to create, handle, and commerce dynamic crypto indexes referred to as DynaSets. DynaSets characterize diversified portfolios of crypto belongings, together with high-quality small-medium cap tokens, and allow yield farming and hedging options for goal belongings. SingularityDAO is a SingularityNET incubated challenge.

  • Marcello Mari

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