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

Singularity Community, a protocol catering to institutional merchants hunting for confidential uncover entry to to DeFi, raised $2.2 million in its 2nd funding round that concluded in leisurely 2023, fixed with a Feb. 22 observation shared with CryptoSlate.

The company intends to enlighten the newly obtained funds to bolster its protocol pattern, give a boost to its compliant DeFi infrastructure, and prepare for the protocol’s impending originate in the upcoming months.

The funding round modified into spearheaded by Gumi Crypto Capitals, with participation from primary merchants fancy Eureka Partners and Nomura’s digital asset subsidiary, Laser Digital. Other participants on this round included Digital Assets Capital Management, Gandel Invest, and Apollo Crypto—these firms had backed Singularity at some stage in its seed round.

Jemma Xu, the co-founding father of Singularity, acknowledged the company’s recent funding round validates the protocol’s product offering.

“Our merchants’ commitments validate the institutional prefer to transact on-chain with out recordsdata leakages.We be pleased a thrilling product roadmap forward with more integrations and multichain deployments. Our immediate focal level is on rising our institutional person atrocious,” Xu added.

Singularity’s mission

Singularity goals to integrate weird and wonderful finance with DeFi by tackling these establishments’ primary reveal with the sphere: on-chain confidentiality.

In accordance with the protocol, the possibility of recordsdata leaks in the unstable crypto market is a considerable area for plenty of wierd firms with a rising curiosity in DeFi thanks to the renewed global curiosity in the crypto industry.

Singularity is organising a Know Your Customer (KYC) and Know Your Alternate (KYB)-compliant platform to contend with this. This platform is designed for institutional enlighten and conceals wallet addresses, allowing establishments to steal half in top DeFi protocols while preserving on-chain anonymity.

Singularity acknowledged it leverages zero-recordsdata technology through Noir-essentially based mostly mostly zero-recordsdata circuits for this cause.

Miko Matsumura, the managing partner at Gumi Cryptos Capital, acknowledged:

“Singularity addresses a considerable need on the market, offering institutional users with both the compliance and the commercial confidentiality primary to steal half in DeFi.”