Singularity Network, a protocol designed to meet the needs of institutional investors seeking confidential access to DeFi, has successfully raised $2.2 million in its second funding round, which concluded in late 2023, as reported in a statement shared with CryptoSlate on February 22.
The funds acquired from this round will be allocated towards strengthening the protocol’s development, enhancing its compliant DeFi infrastructure, and preparing for the imminent launch of the protocol in the coming months.
Gumi Crypto Capitals led the funding round, with participation from notable investors such as Eureka Partners and Nomura’s digital asset subsidiary, Laser Digital. Additionally, other participants included Digital Assets Capital Management, Gandel Invest, and Apollo Crypto, all of whom had previously backed Singularity during its seed round.
Jemma Xu, co-founder of Singularity, expressed confidence in the protocol’s product offering, citing the successful funding round as validation of Singularity’s value proposition.
“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,” Xu added.
Singularity aims to bridge traditional finance with DeFi by addressing a key challenge faced by institutions: on-chain confidentiality.
Singularity is striving to fuse traditional finance with DeFi, aiming to overcome a significant hurdle faced by institutional players: ensuring on-chain confidentiality.
In the volatile crypto market, the risk of information leaks is a paramount concern for numerous traditional firms. Despite their increasing interest in DeFi amid the resurgence of global attention to the crypto industry, maintaining confidentiality remains a priority.
To address this challenge, Singularity is in the process of developing a platform that complies with Know Your Customer (KYC) and Know Your Business (KYB) regulations. Tailored for institutional usage, this platform conceals wallet addresses, empowering institutions to engage with leading DeFi protocols while safeguarding on-chain anonymity.
Singularity underscores its commitment to privacy by leveraging zero-knowledge technology, specifically through Noir-based zero-knowledge circuits.
Miko Matsumura, managing partner at Gumi Cryptos Capital, commented on Singularity’s approach:
“Singularity addresses a crucial need in the market, providing institutional users with both the compliance and the commercial confidentiality necessary to participate in DeFi.”
