Singularity raises $2.2m to help institutions access DeFi

Singularity, a startup developing a protocol to provide institutions with compliant and confidential access to DeFi, has raised $2.2 million.

Gumi Cryptos Capital led the round, with participation from Nomura’s digital asset subsidiary Laser Digital, Eureka Partners, Apollo Crypto, Digital Asset Capital Management, and Gandel Invest. Founded in 2022, Singularity is developing a KYC/KYB-compliant institutional DeFi access layer, providing access to leading protocols for on-chain institutional participants while prioritising commercial confidentiality. Users can access existing on-chain liquidity and conduct transactions within Singularity, all while benefiting from on-chain anonymity. The firm has already signed up liquid funds, asset managers, and venture capitalists - many of them its investors - as users ahead of a launch. Jemma Xu, co-founder, Singularity, says: "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. "We have an exciting product roadmap ahead with more integrations and multichain deployments. Our immediate focus is on growing our institutional user base."

By on Fri, 23 Feb 2024 00:01:00 GMT
Original link