Singularity Finance’s ambitious campaign to build out a tokenized decentralized artificial intelligence economy to rival the likes of OpenAI, Meta Platforms and Google is getting a boost from one of the top cryptocurrency market makers in the industry, Cicada.
The startup has revealed that it’s partnering with Cicada to create a new, $1 million fund that’s being set aside to invest in the most promising AI and real-world asset projects being built on its native SFI blockchain. The cash will be amplified by SFI grants and other investments, and will help new projects get started in building and provide them with on-chain liquidity to support market making.
Singularity Finance aspires to rival AI giants like OpenAI by building a decentralized AI economy that will embrace tokenization to increase accessibility. It was formed through a merger between SingularityDAO, Cogito Finance and SelfKey, and its SFI blockchain is a highly-specialized Layer-2 network that’s optimized to handle tokenized AI assets such as AI models, the GPUs that power their learning and inference, and even the data they are trained on.
The thinking behind this initiative is that tokenization will open the doors to greater participation. It paves the way to fractional ownership of the AI economy, so that everyone can invest and become a stakeholder in powerful new AI models or the underlying infrastructure, or help by creating and labeling datasets. In return for their money and time investments, those who hold these tokenized assets will be able to earn a regular income, based on how often they’re used by the wider AI community.
Cicada is an ideal partner for Singularity Finance because it sure knows a thing or two about helping the kinds of projects it’s looking to develop get off the ground. It specializes in market-making by creating tailored strategies to aid in each project’s growth, providing the necessary liquidity and assistance in developing sustainable tokenomics. It also helps with
marketing strategies and smart contract audits, and it will support projects in their efforts to get listed on major crypto exchanges.
In other words, Cicada provides a lot of expertise that can benefit Singularity Finance, which possesses the tokenization know-how. By pooling their resources, they hope to speed up the development of their nascent decentralized AI economy by giving the most promising startups every possible assistance.
Ultimately, the partnership aims to create a “seamless ecosystem” that promotes widespread adoption of tokenized AI assets.
Singularity Finance’s head of incubation Amaury Dalleur made no bones about the importance of this partnership, saying Cicada’s expertise will help SFI become the number one blockchain for innovators in the world of real-world assets and tokenization.
Daniil Kislinskiy, who is head of business development at Cicada, said the company is eager to help Singularity Finance because it sees “huge potential” in the combination of AI and RWAs.
“Partnering with Singularity Finance is a great step towards supporting real builders in this space,” he said. “Our experience as liquidity providers, venture capitalists and market makers, combined with our strong network, will bring massive value to projects building on their ecosystem.”
Today’s announcement is the latest in a string of partnerships and collaborations forged by Singularity Finance as it looks to build out its tokenized, decentralized AI world in double-quick time.
Just this week, it said it’s teaming up with the chain abstraction technology provider Particle Network in an effort to make the SFI chain interoperable with leading blockchain networks like Bitcoin, Ethereum and Polkadot. In doing this, it’s laying the groundwork for its tokenized AI assets to play nicely with crypto’s expansive DeFi ecosystem.
Last month, Singularity Finance said it’s partnering with a company called Crymbo to streamline compliance for tokenized AI assets and make them more enticing investments for financial institutions, as part of an effort to attract more capital into its ecosystem.
The new grant launched in cooperation with Cicada is aimed specifically at early stage builders on the SFI chain, and specifically targets AI, RWA and DeFi projects. Interested entrepreneurs and developers can apply by filling out this form.
