In a significant development, SingularityDAO, announced a strategic token merger between Cogito Finance and blockchain identity company SelfKey to develop Singularity Finance. SingularityDAO is a decentralized Artificial Intelligence (AI) protocol spun out of SingularityNET (AGIX).

“SingularityDAO, Cogito Finance and SelfKey have announced a proposed strategic merger to launch Singularity Finance, a Layer-2 EVM to tokenize the Real World Assets (RWA) of the AI ​​economy,” the company wrote in its official announcement.

The team behind the project highlighted that the goal is for Singularity Layer-2 to offer AI-powered financial tool services that enhance and automate analytics, portfolio, and risk management, leveraging SingularityDAO’s AI-powered 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 democratizing AI-Fi, we can overcome these challenges and remain agile in adapting to an evolving regulatory landscape.”

The developers explained that as part of the merger, the three existing tokens — SDAO, CGV, and KEY — would be converted into a unified token, SFI, serving as the network token for Singularity Finance.

“Initially, the SFI token would be available on Ethereum and BNB Chain, with the mainnet launch planned for the first half of 2025 and with the conversion rates between SDAO, CGV and KEY set as follows: Migration from SDAO to SFI at a ratio of 1:80.353 (1 SDAO = 80.353 SFI); Migration from CGV to SFI at a ratio of 1:10.890 (1 CGV = 10.890 SFI); Migration from KEY to SFI at a ratio of 1:1 (1 KEY = 1 SFI)”.

According to the announcement, the price will be based on the 200-day moving average of each token for the period up to August 20, 2024. “Upon closing of the merger, a leadership council for Singularity Finance would be established to oversee and guide the operations of the newly merged financial ecosystem. The council would 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,” it highlighted.

The strategic merger of tokens would address the significant challenges currently faced in the ownership and accessibility of AI-related assets and yields.

At the time of publication, SingularityNET price is quoted at $0,6159 with a decline of 2.9% in the last 24 hours.

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