SelfKey Announces Community Vote on Potential Merger to Form Singularity Finance

SelfKey will be engaging its community in a vote to decide the fate of a merger of Singularity DAO(SDAO) and Cogito Finance starting from the 1st of November this year. On approval of the deal, SelfKey lists shall form Singularity Finance, which is a Layer 2 blockchain that specializes in tokenization of AI assets. 

The vote will continue until November 7, and any holders of the KEY token will be able to cast their vote, thus, it will provide SelfKey’s community with a voice in the further evolution of the platform.

Merger to Form Singularity Finance with KEY Holder Approval

The integration will entail SelfKey, Singularity DAO, and Cogito Finance joining to create a single corporation known as Singularity Finance. This transition would also favour the holders of KEY tokens as a token swap mechanism would allow them to exchange their KEY tokens for the new platform’s token known as SFI. Thus, Singularity Finance intends to become the key RWA tokenization platform to focus on the AI economy.

Singularity Finance will utilize the combined expertise of SelfKey’s identity technology, Singularity DAO’s DeFi capabilities, and Cogito Finance’s financial models to establish a compliant ecosystem for tokenized AI assets.

By merging into a single platform, these entities plan to create advanced AI-driven financial services, bolstered by SelfKey’s decentralized identity solutions that offer compliance and security. The network will function as an EVM-compatible Layer 2, designed to support AI tokenization in a regulated environment.

SelfKey Snapshot Vote to Capture KEY Token Holder Participation

The KEY Token holders willing to participate in the vote shall keep their tokens in their wallets by November 1 to establish a “snapshot”. This process ensures that only those who actively hold KEY on the day of the vote will gain the right to ballot on the Snapshot voting platform.

The three types of votes will be approval of the merger, rejection of the merger, or abstaining from the merger proposal to give the SelfKey community the power to decide the company’s next steps.