DENVER, Feb. 22, 2024 Singularity, founded in late 2022, has successfully concluded its second funding round at the end of 2023, with this round led by Gumi Cryptos Capital. The funding will support the development of its protocol, aimed at facilitating compliant access to DeFi as well as ensuring commercial confidentiality for all on-chain activities, with an emphasis on institutional users.
Notable participation from investors such as Nomura's digital asset subsidiary Laser Digital, Eureka Partners, and previous round investors including Apollo Crypto, Digital Asset Capital Management, and Gandel Invest, underscores top tier institutional and Venture Capital firms' confidence in Singularity's vision. With this latest round, Singularity has raised close to US$4 million since its inception.
Singularity is leading the way in developing a KYC/KYB-compliant institutional DeFi access layer, providing access to leading protocols for on-chain institutional participants while prioritizing commercial confidentiality. Users can seamlessly access existing on-chain liquidity and conduct transactions within Singularity, all while benefiting from on-chain anonymity by utilizing advanced zero-knowledge technology.
The initial cohort of institutional users comprises a significant portion of Singularity's investors, spanning liquid funds, asset managers, and venture capitalists. Singularity stands as one of the first DeFi infrastructure protocols leveraging Noir-based zero-knowledge circuits. Noir is a domain-specific language for SNARK proving systems developed by Aztec Labs. It serves as a universal language for zero-knowledge (ZK) circuits. Users can have confidence in the commercial confidentiality of their on-chain activity protected by state-of-the-art cryptography.
"We look forward to launching in the coming months with our early institutional users. We focused on designing and building in 2023, and, in what was a very difficult year for primary markets, our investors' commitments validate the institutional need to transact on-chain without information leakages" said Jemma Xu, co-founder of Singularity, "We have an exciting product roadmap ahead with more integrations and multichain deployments. Our immediate focus is on growing our institutional user base."
"We are proud to support Singularity in their efforts to advance DeFi accessibility. Singularity addresses a crucial need in the market, providing institutional users with both the compliance and the commercial confidentiality necessary to participate in DeFi. We look forward to partnering with Singularity in this journey," said Miko Matsumura, Managing Partner at Gumi Cryptos Capital.
"We are excited to support Singularity on its journey to bring private and compliant DeFi accessibility to institutions." said Jez Mohideen, CEO of Laser Digital.
Users can both leverage the underlying existing on-chain liquidity and transact within the Singularity, obfuscating both wallet addresses and order details. At launch, Singularity will be integrated with some of the major DeFi protocols and will continue to grow its integrations to provide users with a diversity of on-chain strategies.
About Singularity:
Singularity, a protocol developed by PG Foundation, is a compliant institutional DeFi access layer that provides access to popular protocols for institutional on-chain participants with commercial confidentiality. Users will have their wallet addresses obfuscated whilst leveraging existing DeFi liquidity. Singularity uses the state-of-the-art UltraPLONK proof system with zero-knowledge circuits based on Noir.
Contact:
Email: jonah@thesingularity.network
Website: thesingularity.network
Twitter: https://twitter.com/singularityzk
LinkedIn: https://www.linkedin.com/company/singularityzk
View original content:https://www.prnewswire.com/apac/news-releases/singularity-closes-2-2m-in-latest-funding-round-to-provide-institutions-confidential-access-to-defi-302067547.html
SOURCE PG Foundation Ltd
