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

www.coindesk.com 19 May 2022 14:59, UTC
Reading time: ~2 m

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.”

Read more: Lessons in Failing to Apply Blockchain and AI to Combat COVID

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