Singularity attracts $2.2 million to develop KYC-compliant DeFi platform for institutions

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 to a Feb. 22 assertion shared with CryptoSlate.

The agency intends to use the newly acquired funds to bolster its protocol improvement, 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 contributors 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, mentioned the agency’s current funding spherical validates the protocol’s product providing.

“Our investors’ commitments validate the institutional need to transact on-chain without information leakages.We have an exciting product roadmap ahead with more integrations and multichain deployments. Our immediate focus is on growing our institutional user base,” Xu added.

Singularity’s mission

Singularity goals to combine conventional finance with DeFi by tackling these institutions’ main problem with the sector: on-chain confidentiality.

In accordance to the protocol, the danger of knowledge leaks within the unstable crypto market is a major concern for many conventional companies with a rising curiosity in DeFi thanks to the renewed world curiosity within the crypto business.

Singularity is growing 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 institutions to take part in prime DeFi protocols whereas preserving on-chain anonymity.

Singularity mentioned it leverages zero-knowledge know-how by way of Noir-based zero-knowledge circuits for this objective.

Miko Matsumura, the managing associate at Gumi Cryptos Capital, mentioned:

“Singularity addresses a crucial need in the market, providing institutional users with both the compliance and the commercial confidentiality necessary to participate in DeFi.”

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