SingularityNET, SingularityDAO Receive $25M to Accelerate AI-Backed DeFi

Global investment group LDA Capital committed the funds and will provide strategic support.

AccessTimeIconMay 19, 2022 at 1:33 p.m. UTC
Updated May 19, 2022 at 2:06 p.m. UTC

Brandy covers crypto-related venture capital deals for CoinDesk.

SingularityNET and SingularityDAO have secured a $25 million commitment from global investment group LDA Capital Limited to accelerate their product roadmap, the adoption of artificial intelligence (AI) tools for decentralized finance (DeFi) and scaling the ecosystem.

  • “LDA Capital are excited by the advancements in both AI and DeFi shown by the SNET ecosystem and along with the commitment, LDA will be providing strategic advice and support to allow SingularityNET and SingularityDAO to continue to grow their position as industry leaders,” said LDA Capital Managing Partner Anthony Romano in the Medium post announcement.
  • SingularityNet is a decentralized protocol-backed suite that allows AIs to coordinate in a scalable, interoperable way.
  • The SingularityDAO spinoff, a decentralized autonomous organization (DAO) launched last year, brings community governance to a DeFi protocol that offers AI-powered tools for managing cryptocurrency portfolios.
  • “DAOs may themselves be in for a change that could fix perhaps their most significant vulnerability. The current DAO model is human-run, and as a result, DAO decisions are prone to errors in judgment,” SingularityDAO CEO Marcello Mari wrote in a CoinDesk opinion piece earlier this year. “The use of artificial intelligence, another transformative technology, would eliminate those mistakes and make DAOs even more effective.”

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Brandy covers crypto-related venture capital deals for CoinDesk.

CoinDesk - Unknown

Brandy covers crypto-related venture capital deals for CoinDesk.

Trending

1
CoinDesk - Unknown
Three Arrows Capital Files for Bankruptcy in New York Tied to British Virgin Islands Proceeding

A British Virgin Islands court ordered Three Arrows' BVI branch into liquidation earlier this week.

CoinDesk - Unknown
2
CoinDesk - Unknown
Cosmos-Builder Ignite Cuts Headcount by More Than 50%, Ex-Employees Say

The reductions come amid a crypto market crash, and after the return of Ignite’s controversial ex-CEO.

CoinDesk - Unknown
3
CoinDesk - Unknown
India's Day Of Reckoning With ‘Most Controversial Crypto Tax’ Is Here

The country's 1% TDS is predicted to exacerbate negative market sentiment and add to the woes of the crypto community.

CoinDesk - Unknown