Kategorie: Crypto Markets

• SingularityDAO merges with SelfKey and Cogito to form Singularity Finance.
• 94.7% of SDAO holders approved the merger, awaiting KEY holders’ final vote.
• Singularity Finance to focus on AI, RWA tokenization, and on-chain identity.

In a landmark decision, SingularityDAO, the DeFi arm of the SingularityNET AI ecosystem responsible for decentralized portfolio management, has voted to merge with Cogito Finance and SelfKey to form a new entity, Singularity Finance. This EVM Layer 2 platform will focus on tokenizing the AI economy and accelerating the adoption of AI-powered financial solutions.

The merger was approved by an overwhelming 94.7% of SingularityDAO (SDAO) token holders, with over 15 million tokens cast in favour.

The community vote, conducted through the Snapshot governance platform, represents a critical step toward Singularity Finance’s creation, which will offer advanced decentralized finance (DeFi) and artificial intelligence (AI) solutions. Notably, the vote comes barely two weeks after the merger was proposed.

Mario Casiraghi, Co-Founder of SingularityDAO, expressed gratitude for the community’s support, saying, “We’re grateful to all SDAO holders for participating in this pivotal governance vote and having their say on the future of SingularityDAO. With their approval, we will now move ahead with the proposal to create Singularity Finance as an L2 that combines the best elements of SingularityDAO with those of our partners SelfKey and Cogito Finance to accelerate DeFi and AI innovation.”

Cloris Chen, CEO of Cogito Finance, highlighted the partnership’s potential, stating, “The overwhelming community support for the SFI merger is a powerful testament to the shared vision we have for the future of finance. By combining our expertise and technologies, we are poised to unlock unprecedented opportunities at the intersection of AI and DeFi.”

SelfKey Community expected to vote on the merger

The merger now awaits a final vote from SelfKey’s community of KEY token holders to solidify SelfKey’s participation.

Once approved, Singularity Finance will serve as a comprehensive platform addressing critical areas in the AI and DeFi ecosystem, including real-world asset (RWA) tokenization and on-chain identity management.

This integrated approach will enhance SingularityDAO’s existing AI-powered portfolio management capabilities with SelfKey’s compliance features and Cogito Finance’s RWA tokenization solutions.

A leadership council will guide Singularity Finance, with prominent members including Dr. Ben Goertzel, CEO of SingularityNET, Cloris Chen, CEO of Cogito Finance, and Mario Casiraghi, CFO of SingularityNET. Together, they aim to pioneer innovative financial services, targeting developers and users in the emerging AI-based financial landscape.

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• Immutable claims the notice is “targeting the listing and private sales of IMX in 2021
• Immutable joins the likes of Coinbase Crypto.com, and OpenSea who have received Wells notices from the SEC
• The notice is said to have contained less than 20 words of material explanation

Immutable has been issued with a Wells notice from the US Securities and Exchange Commission (SEC) alleging securities laws and misrepresentations by the company.

In a post from the blockchain gaming platform, it said that while nothing was specified in the notice, it believes its “claims are targeting the listing and private sales of IMX in 2021.” Immutable added that “with this action, the SEC is continuing to indiscriminately assert that tokens are securities.”

According to Immutable, they are confident that the IMX token is not a security.

Joins a growing list of targeted companies

For the SEC to issue a Wells notice, it’s generally indicative that the agency is thinking about bringing a lawsuit against a company. If it does, Immutable joins a list of companies in the crypto industry that have faced or are facing lawsuits against the SEC.

Last July, Ripple won a lawsuit against the SEC when Judge Analisa Torres ruled that XRP is not a security. In April, Consensys filed a lawsuit against the SEC to protect the Ethereum ecosystem. The SEC later sued Consensys alleging that the company operated as an unregistered broker-dealer and offered unregistered securities.

Other crypto organizations that have received a Wells notice from the SEC include Coinbase, Crypto.com, and OpenSea.

“With this latest move against Immutable, the SEC’s overreach has expanded into gaming,” Immutable said.

According to Immutable, the Wells notice before the US election illustrates why the “industry is so skeptical of any attempts from this SEC to argue it is attempting to provide clarity.”

“Prior to the issuance of a Wells notice, there are often multiple months of interviews and conversations between company counsel and the SEC, so the SEC can fully understand the situation,” Immutable added. “Instead, in our very first interaction with the SEC, we were told a Wells notice would be issued to the company within the week. We then received it within hours.”

Immutable said that the notice only cited “statutory provisions” and had less “than 20 words of material explanation.”

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• Florida has invested nearly $800 million in crypto, according to the state’s chief financial officer Jimmy Patronis.
• Patronis shared more about Florida’s crypto investment during an interview with CNBC on Thursday, Oct. 31, 2024.
• According to Patronis, crypto is here and its an opportunity that Florida is keen to harness.

Florida holds approximately $800 million in cryptocurrencies, the state’s chief financial officer Jimmy Patronis says.

The Florida CFO said this during an interview with CNBC’s Squawk Box on Thursday, October 31, 2024. According to Patronis, Florida’s move to add crypto investments to the state’s portfolio follows the understanding that crypto is here to stay.

“Crypto’s not going anywhere,” Patronis told CNBC, adding “We’d be a fool if we’re not prepared to do everything we can to harness the opportunities there.”

„Crypto’s not going anywhere“ says Florida CFO @JimmyPatronis on his push to invest Florida state pension funds into crypto. „We’d be a fool if we’re not prepared to do everything we can to harness the opportunities there.“ pic.twitter.com/c8Hldp3F8Z

— Squawk Box (@SquawkCNBC) October 31, 2024

Crypto getting traction

As Florida looks to explore further opportunities with Bitcoin and the crypto market, Patronis believes the state’s current exposure to the asset class will increase significantly if Donald Trump wins the upcoming election.

His remarks come as the crypto industry views Trump as the pro-crypto candidate that will help advance the crypto industry in the United States. Like Trump, Patronis said Florida is against any form of central bank digital currency, or CBDC.

Also important is the country’s focus on getting ahead of China in the race to be the global leader of this market – which Patronis reiterated isn’t “emerging” but is already here.

Florida state pension fund’s investment in crypto adds to a growing list of state funds adding BTC and crypto to their portfolio. Among state pension funds, the State of Wisconsin Investment Board and Jersey City are the two latest entities to announce they hold crypto investments. Jercy City mayor Steven Fulop revealed the city’s plan to add spot Bitcoin ETFs to its pension fund in July.

Meanwhile, Emory University recently became the first endowment fund in the US to disclose investment in spot Bitcoin ETFs.

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• Crypto.com acquires Watchdog Capital to enter the U.S. equities market.
• The acquisition enables the trading of stocks and options alongside crypto services.
• CEO Kris Marszalek promises a full range of services by year-end for investors.

Crypto.com has announced the acquisition of Watchdog Capital, LLC, a US-based broker-dealer registered with the Securities and Exchange Commission (SEC).

This strategic acquisition will enable Crypto.com to offer equities and equity options to eligible traders in the United States, marking a pivotal expansion in its service offerings.

As a registered broker-dealer, Watchdog Capital operates under the regulatory oversight of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC).

This integration allows Crypto.com to merge traditional asset trading—specifically stocks—with its existing cryptocurrency services, providing users with a comprehensive trading platform that addresses the growing demand for diversified financial products.

CEO Kris Marszalek highlighted the company’s commitment to creating a seamless trading experience for American investors. “By the end of this year, Crypto.com will offer a full range of services through its family of companies, including crypto derivatives and now stocks,” he stated.

This move is indicative of a broader trend in the financial industry, where companies are increasingly working to bridge the gap between traditional finance and decentralized finance.

The acquisition not only positions Crypto.com to serve a wider range of financial needs but also reflects a growing trend among cryptocurrency firms to integrate more conventional financial services.

As the landscape evolves, the platform aims to streamline trading for both crypto and traditional asset investors, offering a compliant and user-friendly pathway for US-based users seeking investment opportunities in both realms.

Crypto.com is expected to release additional details regarding trading access and eligibility requirements, further solidifying its role in the ever-evolving financial market.

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• Injective has announced the launch of Agora’s AUSD stablecoin on the mainnet.
• AUSD reserves are backed by VanEck and custodied by State Street.
• AUSD Injective’s first native stablecoin and will be key to the blockchain network’s DeFi ecosystem.

Injective has launched AUSD, a fully collateralized US dollar backed stablecoin Agora, as its first native stablecoin.

The integration will enhance interoperability across Injective’s decentralised finance ecosystem, according to a press release on Oct. 31.

1/ Introducing the first native stablecoin on Injective: $AUSD

Backed by VanEck and custodied by State Street, @withAUSD bolsters liquidity between DeFi and TradFi markets while also providing a seamless on-ramp for Injective dApps globally. pic.twitter.com/cV480alIA7

— Injective 🥷 (@injective) October 31, 2024

Among benefits of native support will be seamless on and off ramping for Injective users, with AUSD removing the need for bridges. This means more people will easily be able to tap into the stablecoin for DeFi capabilities on Injective, including lending and staking.

VanEck manages the AUSD stablecoin’s reserves, while State Street is the custodian.

“The launch of AUSD on Injective underscores the dominance of USD-backed stablecoins—with 99.7% market share—as an institutional-grade asset for capital formation and movement,” Nick van Eck, chief executive officer and co-founder of Agora, said in a statement.

AUSD adds to Injective’s stablecoin ecosystem, which has processed over $40 billion in USD-denominated stablecoin volume. Currently, the stablecoin market stands at over $170 billion, with Tether (USDT) and Circle’s USDC (USDC) dominating.

USDT leads with about $120 billion of the market cap, while USDC is second with more than $35 billion. Agora’s AUSD market cap stands around $70 million, with other rivals including PayPal USD and Ripple’s RLUSD.

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