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Improving Defi with AI: SingularityDAO Nets $2.7M in Private Sale

SingularityDAO, an independent project from the AI-driven marketplace SingularityNET, believes decentralized finance will be the fastest vehicle for improving the world, with artificial intelligence (AI) steering the wheel. Support for SingularityDAO’s vision was recently shown in a private funding round led by Alphabit that netted $2.7 million from the likes of GBV (Genesis Block Ventures), […]

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SingularityDAO, an independent project from the AI-driven marketplace SingularityNET, believes decentralized finance will be the fastest vehicle for improving the world, with artificial intelligence (AI) steering the wheel. Support for SingularityDAO’s vision was recently shown in a private funding round led by Alphabit that netted $2.7 million from the likes of GBV (Genesis Block Ventures), SMO Capital, QCP Capital, AU21, Jun Capital, Magnus Capital and Moonwhale Ventures. This capital injection from prominent figures in crypto aids SingularityDAO, incubated in November 2020, in launching a mainnet as soon as possible.  


AI Driven Benefits for Investors, Projects, and the Cryptosphere

In defi, the best ideas may not get the best funding, while some important ideas might be too difficult for investors to comprehend. This creates a loss of value for investors, startups, and the blockchain community as a whole, since innovations can be delayed due to the lack of capital projects need for growth. Unfortunately, the future Googles and Amazons of the decentralized sector may never realize their potential, passed over for slick looking whitepapers backed by weaker ideas.

Singularity DAO seeks to create a win-win situation for investors and projects alike by harnessing the power of AI. AI curated indexes, or baskets, can increase investors’ exposure to quality projects, each with futures promising greater innovations for nascent decentralized technologies. The benefits are cyclical, as capable projects receive more funding to grow and thus eventually return value to investors and the crypto space. As these projects eventually prove their worth to the market at large, a side-effect of financial gains is that blockchain technology progresses at a faster pace when more funding is concentrated towards the success of true innovators in the field.

How SingularityDAO Brings AI to Defi

Independent from but developed by the AI experts at SingularityNET, SingularityDAO is well poised to bring the benefits of AI to defi. SingularityDAO’s AI will assist in choosing promising projects’ altcoins and bundling them into Dynamic Asset Sets, or DynaSets, for users to choose from. To simplify things a step further, a “MetaSet,” or an index of various DynaSets weighed by quality, will also be offered, increasing exposure for those with less expertise in the broad swathe of innovative projects and technologies represented in each DynaSet. 

Additional value is then created via AI-assisted liquidity pools and farming. Since the tokens represented in these indices naturally have low to mid-market caps, AI-led strategies will be used to best retain value despite the volatility that often comes attached with small cap cryptos. As for the final say in what happens, this layered system of project tokens, AI aggregated indexes, and AI strategic farming is governed by human holders of a limited number of SingDAO governance tokens.

What Does SingularityDAO Mean for Defi?

Ben Goertzel, an AI expert and founder of SingularityNET, states in an interview that “The finance sector has always been an early adopter of advanced technologies,” and he hopes to bring a higher level of sophistication to this marriage of defi and innovation. By increasing the efficacy of seed capital so that it ends up in the most promising hands, SingularityDAO aims to increase defi’s efficiency in rewarding innovation. SingularityDAO’s own innovative approach, backed by $2.7 million from some of the most influential names in crypto, should be an exciting and rewarding new addition to the world of defi.   


Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.

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Source: https://bitcoinist.com/improving-defi-with-ai-singularitydao-nets-2-7m-in-private-sale/?utm_source=rss&utm_medium=rss&utm_campaign=improving-defi-with-ai-singularitydao-nets-2-7m-in-private-sale

Blockchain

Launch of Crypto Trading Team by Goldman Sachs

The cryptocurrency trading team formed will be a part of global currencies The memo is penned by Goldman Sachs partner Rajesh Venkataramani.

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U.S. banking giant Goldman Sachs has announced the details of the cryptocurrency trading team. According to a staff memo, the trading group is buying and selling futures on CME group and non-deliverable forwards.  

Goldman Sachs Forms Crypto Trading Team

The cryptocurrency trading group formed will be a part of Goldman’s global currencies and emerging markets division. The memo is penned by Goldman partner Rajesh Venkataramani. The first report of the memo came on Friday. 

According to Rajesh Venkataramani, the team will be part of Goldman’s global currencies and emerging markets (GCEM) unit. His official statement reads,

“I am pleased to announce the formation of the firm’s cryptocurrency trading team, which will be our centralized desk for managing cryptocurrency risk for our clients. The Crypto trading team will be a part of Global Currencies and Emerging Markets (GCEM), reporting to me, within the firm’s Digital Assets effort led by Mathew McDermott.”

Derivatives of The Trading Group

The announcement affirmed that Wall Street is allowing cryptocurrencies as a mode of payment. The adoption of digital currency seems to be on a continuous hike. Recent news from the rivalry, Morgan Stanley chose to offer its wealth management clients access to Bitcoin funds in the recent past months.

The derivatives of the Trading group facilitating investors to take note of Bitcoin future prices. In order to not to deal with the physical asset, the contracts will be settled in hard cash, which it “is not in a position to trade,” according to the memo.

The launch of the Digital Assets dashboard by Goldman this Thursday will allow its traders access to crypto market data and news.

Venkataramani says,

“The newly formed team has already traded Bitcoin-backed non-deliverable forward contracts and CME Group’s Bitcoin futures.”

Last month, Goldman Sachs CEO David Solomon mentioned that,

“He was expecting a big evolution in the cryptocurrency space when it comes to regulations.”

READ  DC Bar Association Allows Crypto Payments for Lawyers

#CME Group #Goldman Sachs Forms Crypto Trading Team #Goldman Sachs Group Inc #Morgan Stanley

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/launch-of-crypto-trading-team-by-goldman-sachs

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A Popular Analyst List Out The Assets To Keep An Eye On, In May

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The post A Popular Analyst List Out The Assets To Keep An Eye On, In May appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Altcoins That May Hit New ATH in May! Since the past fortnight, many large and small market cap gems rallied high forming a new milestone. However, the Altcoin season is believed to have initiated with the jump in the Ethereum price. A popular analyst and the Managing Partner at MoonrockCapital, Simon Dedic, lists out 5 …

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Altcoins That May Hit New ATH in May!

Since the past fortnight, many large and small market cap gems rallied high forming a new milestone. However, the Altcoin season is believed to have initiated with the jump in the Ethereum price.

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A popular analyst and the Managing Partner at MoonrockCapital, Simon Dedic, lists out 5 cryptocurrencies that may form new ATH in May 2021. 

The analyst predicts Ethereum price will hit $5000 whereas BNB price may also rally to hit $1000 levels by the end of May 2021. 

Also Read: Top Altcoins to Watch This Month!

 Altcoin Season Underway!

The altcoin season is said to have started as most of the top 100 cryptocurrencies are now a billion dollar asset. Moreover, many of the altcoins have even surpassed their previous ATH and formed new highs in the recent rally. 

As the Bitcoin dominance rate kept sliding, the Altcoin space has strengthened itself to manifest a growing dominancy and extended user adoption. Additionally, Ethereum price is expected to keep the bullish momentum intact to propel high. As most of the altcoins are expected to surge with the ETH price flow jumping towards the north. 

Collectively, the altcoin season is expected to go parabolic as most of the altcoins are expected to discover new highs. No doubt analyst Simon listed the coins to have a watch in the currency month. Yet there are many other promising projects with strong fundamentals, and may also rally towards new high.

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Source: https://coinpedia.org/altcoin/altcoins-to-consider-in-may/

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SEC Chairman Says Crypto Markets Need Regulations to Prevent Fraud

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SEC chairman Gary Gensler said on Friday that greater protection for investors is required in cryptocurrency markets. 

Gensler is no stranger to the cryptocurrency world. The former Goldman Sachs investment banker has long been viewed as a strong candidate to take the SEC chairman role.  

Gensler was sworn in a few weeks ago as Joe Biden’s choice for the next head of the SEC. During Obama’s presidency, Gensler was in charge of the Commodity Futures Trading Commission (CFTC) and was in charge of regulating derivatives.

What makes this particularly interesting is that he will become the first crypto and blockchain expert to hold the highly regarded position. A former MIT professor, he taught a course entitled “Blockchain and Money” and believes the two are a “catalyst for change.” Gensler stated at his SEC nomination hearing:

Bitcoin and other cryptocurrencies have brought new thinking to payments and financial inclusion. But they’ve also raised new issues of investor protection that we still need to attend to.”

Despite his support and optimism, the new SEC chairman also expressed concern about the protections investors are not getting in the crypto asset market. Gensler understands the attraction of bitcoin and other coins, but worries investors are taking on more risk than necessary

“It’s a digital, scarce store of value, but highly volatile,” Gensler says. “And there’s investors that want to trade that, and trade that for its volatility, in some cases just because it is lower correlation with other markets. I think that we need greater investor protection there.”

He believes that as long as technology continues to change the way consumers interact with markets, regulations to protect said consumers have to keep pace. 

He went on to say that he believes BTC is a “speculative” store of value and that the Securities and Exchange Commission should remain “tech neutral” when looking at innovations in markets. 

The new chairman believes there needs to be an official authority for a regulator to oversee digital currency exchanges.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

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Source: https://beincrypto.com/sec-chairman-says-crypto-markets-need-regulations-to-prevent-fraud/

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The Magnificent Seven: TEL, ETC, QTUM, DOGE, OMG, EOS, LSK — Biggest Gainers, April 30 – May 7

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BeInCrypto looks at the seven altcoins that increased the most over the past seven days, from April 30 to May 7.

These altcoins are:

  • Telcoin (TEL) – 420%
  • Ethereum Classic (ETC) – 295%
  • Qtum (QTUM) – 118%
  • Dogecoin (DOGE) – 100%
  • OMG Network (OMG) – 99%
  • EOS (EOS) – 90%
  • Lisk (LSK) – 74%

TEL

TEL has been moving upwards since April 23. In a span of 13 days, it increased by 1,000%, leading to an all-time high price $0.049. Since then, the token has decreased slightly.

TEL has already moved above the 1.61 Fib projection of waves 1-3, indicating that wave five has extended.

If it decreases, the closest support levels are found at $0.026 and $0.021, respectively. They are created by the 0.5 and 0.618 Fib retracement levels.

TEL Parabola
Chart By TradingView

ETC

ETC began a massive upward movement on May 3, culminating with an all-time high price of $176, reached on May 6. This amounted to an upward movement of 292%.

The high was made right at the 3.61 external Fib retracement of the entire previous decrease, measuring from the all-time high. Afterwards, ETC decreased slightly since and is currently trading at $139.

If the current upward movement extends, the next resistance area would be found at $207, the 4.61 external Fib retracement.

ETC Parabola
Chart By TradingView

QTUM

QTUM has increased considerably this week. However, unlike TEL & ETC, it is nowhere close to reaching its all-time high. 

To the contrary, it is still below the $43-$53 resistance area, which is created by the 0.5 – 0.618 Fib retracement levels. 

While QTUM is likely to reach it, a rejection would be expected once it does, at least in the short-term.

QTUM Upward Move
Chart By TradingView

DOGE

DOGE has been moving upwards since April 23, when it had reached a low of $0.159. As a result, it managed to reach a new all-time high price of $0.696 on May 5, which amounted to an increase of 336%.

The high was made just above at the 1.61 external Fib retracement resistance, found at $0.627, causing a rejection. 

However, DOGE bounced once more after the rejection. 

If the movement extends, there is a confluence of resistance levels found near $0.90.

DOGE Move
Chart By TradingView

OMG

OMG has increased considerably this week, managing to reach a new yearly high of $15.35. Still, unlike ETC, the token is nowhere close to reaching a new all-time high. 

To the contrary, it has just reached the 0.5 Fib retracement level when measuring from the entire downward movement. Consequently, the entire $14.40-$17.75 area is likely to provide strong resistance.

Afterwards, if OMG manages to clear it, it is likely to move towards a new all-time high price.

OMG Movement
Chart By TradingView

EOS

EOS increased considerably this week, managing to break out above the long-term resistance area found at $8. Previously, it had been trading below this level since August 2019. 

As a result, it has managed to reach a high of $13.65, just between the 0.5-0.618 Fib retracement levels. However, it was rejected once it did, and is currently trading near $11.

EOS Breakout
Chart By TradingView

LSK

LSK has been moving upwards since April 23, when it was trading at a low of $3.14. Today, it managed to reach a new all-time high price of $11.50, amounting to an increase of 271%. 

The high was made just above the 1.61 external Fib retracement level of the previous drop. This is the first significant resistance level.

Therefore, if LSK manages to clear it, the next resistance area would be found at $14.57.

LSK All-Time High
Chart By TradingView

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo.
In 2019, he decided to focus full-time on cryptocurrencies and trading.

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Source: https://beincrypto.com/tel-etc-qtum-doge-omg-eos-lsk-biggest-gainers-april-30-may-7/

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