Singularity Community, a protocol catering to institutional traders in search of confidential entry to DeFi, raised $2.2 million in its second funding spherical that concluded in late 2023, in accordance with a Feb. 22 assertion shared with CryptoSlate.
The agency intends to make use of the newly acquired funds to bolster its protocol growth, improve its compliant DeFi infrastructure, and put together for the protocol’s impending launch within the forthcoming months.
The funding spherical was spearheaded by Gumi Crypto Capitals, with participation from notable traders like Eureka Companions and Nomura’s digital asset subsidiary, Laser Digital. Different members on this spherical included Digital Property Capital Administration, Gandel Make investments, and Apollo Crypto—these corporations had backed Singularity throughout its seed spherical.
Jemma Xu, the co-founder of Singularity, stated the agency’s current funding spherical validates the protocol’s product providing.
“Our traders’ commitments validate the institutional have to transact on-chain with out data leakages.We now have an thrilling product roadmap forward with extra integrations and multichain deployments. Our quick focus is on rising our institutional person base,” Xu added.
Singularity’s mission
Singularity goals to combine conventional finance with DeFi by tackling these establishments’ main problem with the sector: on-chain confidentiality.
In response to the protocol, the danger of data leaks within the risky crypto market is a big concern for a lot of conventional corporations with a growing interest in DeFi because of the renewed global interest within the crypto trade.
Singularity is creating a Know Your Buyer (KYC) and Know Your Enterprise (KYB)-compliant platform to deal with this. This platform is designed for institutional use and conceals pockets addresses, permitting establishments to take part in prime DeFi protocols whereas preserving on-chain anonymity.
Singularity stated it leverages zero-knowledge technology by way of Noir-based zero-knowledge circuits for this objective.
Miko Matsumura, the managing companion at Gumi Cryptos Capital, stated:
“Singularity addresses a vital want out there, offering institutional customers with each the compliance and the business confidentiality essential to take part in DeFi.”
