SingularityDAO Plans to Merge With Cogito Finance, SelfKey to Form AI-Focused Layer-2
The three projects' tokens will consolidate into Singularity Finance (SFI).
Updated Oct 15, 2024, 11:57 a.m. Published Oct 15, 2024, 11:54 a.m.
- 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.
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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Jamie Crawley
Jamie joined CoinDesk as a news reporter in February 2021 after writing widely about crypto and blockchain for two years in other roles. Away from crypto, Jamie runs a lot and loves all things sport. He holds small amounts of BTC, ETH, ADA and LTC.
