Singularity Community, a protocol catering to institutional buyers 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 Crypto.
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 buyers like Eureka Companions and Nomura’s digital asset subsidiary, Laser Digital. Different individuals on this spherical included Digital Belongings Capital Administration, Gandel Make investments, and Apollo Crypto—these companies had backed Singularity throughout its seed spherical.
Jemma Xu, the co-founder of Singularity, stated the agency’s latest funding spherical validates the protocol’s product providing.
“Our buyers’ commitments validate the institutional have to transact on-chain with out info leakages.We now have an thrilling product roadmap forward with extra integrations and multichain deployments. Our speedy 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 line with the protocol, the chance of data leaks within the unstable crypto market is a major concern for a lot of conventional companies with a rising curiosity in DeFi due to the renewed world curiosity within the crypto business.
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 high DeFi protocols whereas preserving on-chain anonymity.
Singularity stated it leverages zero-knowledge know-how through Noir-based zero-knowledge circuits for this function.
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.”