{"id":252365,"date":"2024-02-22T23:04:19","date_gmt":"2024-02-22T17:34:19","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=252365"},"modified":"2024-02-22T23:04:19","modified_gmt":"2024-02-22T17:34:19","slug":"singularity-attracts-2-2-million-to-develop-kyc-compliant-defi-platform-for-institutions-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/singularity-attracts-2-2-million-to-develop-kyc-compliant-defi-platform-for-institutions-crypto-news\/","title":{"rendered":"Singularity attracts $2.2 million to develop KYC-compliant DeFi platform for institutions – Crypto News"},"content":{"rendered":"
\n

Singularity Network, a protocol catering to institutional investors seeking confidential access to DeFi, raised $2.2 million in its second funding round that concluded in late 2023, according to a Feb. 22 statement shared with CryptoSlate<\/em>.<\/p>\n

The firm intends to use the newly acquired funds to bolster its protocol development, enhance its compliant DeFi infrastructure, and prepare for the protocol\u2019s impending launch in the forthcoming months.<\/p>\n

The funding round was spearheaded by Gumi Crypto Capitals, with participation from notable investors like Eureka Partners and Nomura\u2019s digital asset subsidiary, Laser Digital<\/a>. Other participants in this round included Digital Assets Capital Management, Gandel Invest, and Apollo Crypto\u2014these firms had backed Singularity during its seed round.<\/p>\n

Jemma Xu, the co-founder of Singularity, said the firm\u2019s recent funding round validates the protocol\u2019s product offering.<\/p>\n

\n

\u201cOur investors\u2019 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,\u201d Xu added.<\/p>\n<\/blockquote>\n

Singularity\u2019s mission<\/h2>\n

Singularity aims to integrate traditional finance with DeFi by tackling these institutions\u2019 major challenge with the sector: on-chain confidentiality.<\/p>\n

According to the protocol, the risk of information leaks in the volatile crypto market is a significant concern for many traditional firms with a growing interest in DeFi<\/a> thanks to the renewed global interest<\/a> in the crypto industry.<\/p>\n

Singularity is developing a Know Your Customer (KYC) and Know Your Business (KYB)-compliant platform to address this. This platform is designed for institutional use and conceals wallet addresses, allowing institutions to participate in top DeFi protocols while preserving on-chain anonymity.<\/p>\n

Singularity said it leverages zero-knowledge technology<\/a> via Noir-based zero-knowledge circuits for this purpose.<\/p>\n

Miko Matsumura, the managing partner at Gumi Cryptos Capital, said:<\/p>\n

\n

\u201cSingularity addresses a crucial need in the market, providing institutional users with both the compliance and the commercial confidentiality necessary to participate in DeFi.\u201d<\/p>\n<\/blockquote>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Singularity Network, a protocol catering to institutional investors seeking confidential access to DeFi, raised $2.2 million in its second funding round that concluded in late 2023, according to a Feb. 22 statement shared with CryptoSlate. The firm intends to use the newly acquired funds to bolster its protocol development, enhance its compliant DeFi infrastructure, and […]<\/p>\n","protected":false},"author":2,"featured_media":252366,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-252365","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/252365","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=252365"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/252365\/revisions"}],"predecessor-version":[{"id":252367,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/252365\/revisions\/252367"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/252366"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=252365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=252365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=252365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}