Singularity Community, a protocol concentrating on institutional buyers searching for confidential entry to DeFi, has raised $2.2 million in its second spherical of funding that closed in late 2023, based on a Feb. 22 assertion shared with Crypto.
The corporate plans to make use of the newly acquired funds to strengthen protocol growth, enhance appropriate DeFi infrastructure, and put together for the upcoming launch of the protocol within the coming months.
The funding spherical was led by Gumi Crypto Capitals, with participation from notable buyers akin to 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, co-founder of Singularity, stated the corporate’s latest funding spherical validates the protocol’s product providing.
“Our buyers’ commitments verify the institutional must conduct on-chain transactions with out info leakage. We’ve got an thrilling product roadmap forward with extra integrations and multichain deployments. Our rapid focus is on rising our institutional consumer base,” stated Xu.
The mission of Singularity
Singularity goals to combine conventional finance with DeFi by addressing the most important problem these establishments face with the trade: on-chain confidentiality.
In line with the protocol, the danger of data leakage within the unstable crypto market is a significant concern for a lot of conventional corporations with a rising curiosity in DeFi due to the renewed world curiosity within the crypto trade.
Singularity is creating a Know Your Buyer (KYC) and Know Your Enterprise (KYB) appropriate platform to handle this. Designed for institutional use, this platform hides pockets addresses, permitting establishments to take part in the perfect DeFi protocols whereas sustaining on-chain anonymity.
Singularity stated it makes use of zero-knowledge know-how for this objective through Noir-based zero-knowledge circuits.
Miko Matsumura, the managing associate at Gumi Cryptos Capital, stated:
“Singularity addresses a essential want available in the market, offering institutional customers with each the compliance and industrial confidentiality wanted to take part in DeFi.”