SingularityNET, SingularityDAO raises $25 million to accelerate artificial intelligence-powered DeFi

SingularityNET and SingularityDAO have secured a $25 million commitment from global investment group LDA Capital Limited to accelerate their product roadmap, introduced artificial intelligence (AI) tools for decentralized finance (DeFi) and ecosystem scaling. LDA Capital is excited about the progress the SNET ecosystem is making in AI and DeFi, and along with the commitment, LDA will provide strategic advice and support to enable SingularityNET and SingularityDAO to continue to grow as industry leaders. LDA Managing Partner Anthony Romano said in a statement to Medium.

SingularityNet is a decentralized protocol aware package that allows AI to coordinate in a scalable and interoperable way. The spin-off of SingularityDAO, a decentralized autonomous organization (DAO) founded last year, brings community management to the DeFi protocol, which offers AI-based tools to manage cryptocurrency portfolios.

“DAOs are potentially self-modifying, potentially fixing their most significant vulnerabilities. “The current DAO model is human-powered, and as a result, DAO decisions are prone to misjudgment,” Marcello Marie, CEO of SingularityDAO, told CoinDesk earlier this year. “The use of artificial intelligence, another transformative technology, will eliminate this error and make DAOs more effective.”