Startup SingularityDAO will merge with Cogito Finance and SelfKey
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Johny Smith
2024/11/07
3 mins read
SingularityDAO has announced plans to team up with Cogito Finance and SelfKey to create a project focused on the artificial intelligence (AI) economy. The new organization, called Singularity Finance, will develop and implement solutions to tokenize assets such as graphics processing units (GPUs) and provide AI-powered financial tools.
The key goal of the merger is to create an infrastructure based on the Layer-2 network, which will focus on the implementation of AI in financial technologies. Singularity Finance, according to the developers, will create innovative products that can effectively tokenize various assets, including machine learning equipment and computing resources. This solution will allow you to manage resources more flexibly and efficiently.
An important aspect of the merger will be the conversion of the participants’ existing cryptocurrencies. The company’s SelfKey token (KEY) will become the main one in the new organization. It will be available under the name SFI. At the same time, SingularityDAO (SDAO) and Cogito (CGV) will begin to exchange for a new token in a certain proportion: SDAO to SFI with a ratio of 1 to 80.353, and CGV to SFI with a ratio of 1 to 10.89.
These ratios may be revised based on discussions with stakeholders.
The merger will continue a broader trend of consolidation among artificial intelligence startups. In June 2024, SingularityDAO’s parent company, SingularityNET, teamed up with leading AI projects Fetch.ai and Ocean Protocol to create the Artificial Superintelligence Alliance (ASI). This underscores SingularityNET’s commitment to dominating the AI market and developing technologies that will power the future AI-powered economy.
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