Sirwin
Sirwin

Singularity Raised 2.2 million Fund for KYC-compliant DeFi Development

By Novasky | DevPress | 24 Feb 2024


DeFi is turning into a Centralized regulated financial systems these days. So they do make use of the decentralized tech but the institutions who run such of the fintech systems are now regulated. And the govt is not going to come into this picture as long as there are regulations and the enforcement entities who file the updates with govt. So the KYC being one of the criteria in such systems, there is going to be a strong actions being taken for the DeFi companies.

Singularity is working in this space and narrative and they are taking the funding of 2.2M for the KYC compliant DeFi. You can check out that they have closed the deal through the below tweet. 

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Singularity has the protocol that works in the DeFi domain however being zK based protocol and also working in the fintech they would be going to KYC based sooner or later. They wish to make their on chain activities more transparent and also there is going to be regulation and KYC compliance. So that they can open up for more market specific changes. 

In past company has raised around 2 M already and now the new funding would make collectively 4 M worth of the funding they have taken. I have realized that some of such Noir language based development that company has been doing is making the other takers have some interest. And that would be more push towards security through zK and also the crypto part for the upcoming DeFi would be something they would go over as they want to make the regulated product for the masses. So this is one project worth looking at. 

You can check out the official singularity network

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Novasky
Novasky

Crypto Blogger and Open Source Developer.


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