Singularity Network Raises $2.2M for DeFi Protocol

Singularity Network, a DeFi protocol catering to institutional investors, recently concluded its second fundraising round, raising $2.2 million.

According to a statement shared with media on February 22, Singularity Network, a protocol that provides institutional investors with private access to DeFi, raised $2.2 million in its second fundraising round, which ended in late 2023.

The recently raised capital will be put to good use by the company in strengthening its protocol development, improving its compliant DeFi infrastructure, and getting ready for the introduction of the protocol in the coming months.

A number of prominent investors, including Gumi Crypto Capitals, Eureka Partners, and Laser Digital, a digital asset subsidiary of Nomura, participated in the investment round. Firms who had supported Singularity in its seed phase, such as Digital Assets Capital Management, Gandel Invest, and Apollo Crypto, were also participants in this round.

According to Singularity co-founder Jemma Xu, the protocol’s product offering has been validated by the firm’s recent fundraising round.

“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.

The objective of Singularity

By solving the biggest problem that conventional financial institutions have with the DeFi industry—the need for on-chain secrecy—Singularity hopes to bring the two worlds together.

The protocol states that many established companies are worried about data breaches in the constantly changing cryptocurrency market and are showing an increasing interest in DeFi as a result of the resurgence of interest in the crypto business throughout the world.

As a solution, they are working on a platform that complies with KYC and KYB compliance standards. In order to facilitate institutional participation in leading DeFi protocols while maintaining on-chain anonymity, this platform masks wallet addresses.

For this goal, Singularity reportedly uses zero-knowledge technology through zero-knowledge circuits based on Noir.

Managing partner Miko Matsumura of Gumi Cryptos Capital stated:

“Singularity addresses a crucial need in the market, providing institutional users with both the compliance and the commercial confidentiality necessary to participate in DeFi.”