Singularity, founded in late 2022, says it has concluded its second funding round at the end of 2023, with this round reportedly led by Gumi Cryptos Capital.
The funding will support the development of its protocol, “aimed at facilitating compliant access to DeFi as well as ensuring commercial confidentiality for all on-chain activities, with an emphasis on institutional users.”
The investment round reportedly included participation from investors “such as Nomura’s digital asset subsidiary Laser Digital, Eureka Partners, and previous round investors including Apollo Crypto, Digital Asset Capital Management, and Gandel Invest.”
With this latest round, Singularity claims that it has raised “close to US$4 million since its inception.”
Singularity says it is developing a KYC/KYB-compliant institutional DeFi access layer, providing access to protocols “for on-chain institutional participants while prioritizing commercial confidentiality.”
Users can access existing on-chain liquidity and conduct transactions within Singularity, all while benefiting “from on-chain anonymity by utilizing zero-knowledge technology.”
The cohort of institutional users “comprises a portion of Singularity’s investors, spanning liquid funds, asset managers, and venture capitalists.”
Singularity explains that it is a DeFi infrastructure protocol “leveraging Noir-based zero-knowledge circuits.”
Noir is a domain-specific language “for SNARK proving systems developed by Aztec Labs.”
It serves as a universal language for zero-knowledge (ZK) circuits.
Users can have confidence in the commercial confidentiality of their on-chain activity protected by cryptography.
Miko Matsumura, Managing Partner at Gumi Cryptos Capital, said:
“Singularity addresses a … need in the market, providing institutional users with both the compliance and the commercial confidentiality necessary to participate in DeFi.”
Users can both “leverage the underlying existing on-chain liquidity and transact within the Singularity, obfuscating both wallet addresses and order details.”
At launch, Singularity will reportedly be integrated “with some of the major DeFi protocols and will continue to grow its integrations to provide users with a diversity of on-chain strategies.”
