SingularityDAO Plans to Merge With Cogito Finance, SelfKey to Form AI-Focused Layer-2

CoinDesk

2024-10-15 11:18:15

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SingularityDAO, Cogito Finance and SelfKey plan to merge into a combined project focused on tokenizing the artificial intelligence economy.
SingularityNET, the protocol from which SingularityDAO emerged, completed a similar merger in June with fellow AI-focused projects Fetch.ai and Ocean Protocol.

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02:17U.S. Charges Overseas Crypto ‘Market Makers’ for Fraud; Bitcoin ‘Unlikely’ a Currency: SEC Gensler SingularityDAO plans to merge with Cogito Finance and SelfKey to form a combined project focused on tokenizing the artificial intelligence (AI) economy.

The new entity, Singularity Finance, will provide a layer-2 network for tokenizing assets like GPUs and offer AI-powered financial tools, according to an announcement shared with CoinDesk on Tuesday.

The planned consolidation will see SelfKey’s existing token KEY become Singularity Finance’s new token SFI. SingularityDAO’s SDAO and Cogito’s CGV will merge into SFI at ratios of 1:80.353 and 1:10.89 respectively. This process will be subject to change based on stakeholder discussions.

SingularityNET, the protocol from which SingularityDAO emerged, completed a similar merger in June with fellow AI-focused projects Fetch.ai and Ocean Protocol to form the Artificial Superintelligence Alliance token (ASI).

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Edited by Parikshit Mishra.

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