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SingularityDAO Raises $2.7M in Private Sale Funding from Prominent Investors

SingularityDAO Raises $2.7M in Private Sale Funding from Prominent Investors

SingularityDAO, an independent DeFi-centric project within the SingularityNET ecosystem, recently announced it has successfully raised $2.7 million during its private sale funding round.  SingularityDAO is a layer two non-custodial DeFi solution created for earning yield. As per the company, the funding round, which was led by AlphaBit, attracted the likes of SMO Capital, Jun Capital, Magnus […]

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SingularityDAO Raises $2.7M in Private Sale Funding from Prominent Investors

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SingularityDAO, an independent DeFi-centric project within the SingularityNET ecosystem, recently announced it has successfully raised $2.7 million during its private sale funding round. 

SingularityDAO is a layer two non-custodial DeFi solution created for earning yield. As per the company, the funding round, which was led by AlphaBit, attracted the likes of SMO Capital, Jun Capital, Magnus Capital, QCP Capital, Moon whale Ventures, and AU21.

Marcello Mari, CEO of SingularityDAO, explained:

“We are proud and humbled by the staggering support received by some of the world’s leading blockchain venture capitalists, which signals that AI-DeFi is going to be the next big thing in crypto by bringing financial sophistication to DeFi with AI-managed funds powered by SingularityNet’s superior AI technology. SingularityDAO’s will help thousands of users to get exposure to the crypto-economy in this critical time.”

SingularityDAO, which was first revealed in November 2020, reportedly has a mission “to improve the funding and growth situation for early and mid-stage blockchain projects.” The project is allegedly focused on bringing the benefits of AI to the world of decentralized finance. 

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Notably, the SingularityDAO tokenomic system provides an opportunity for individuals and institutions to purchase lower-liquidity altcoins that correspond to exciting technology projects. 

Despite having various similarities with other projects in the DeFi space, SingularityDAO has a few that set it apart. The project involves three types of new tokens which presents three layers. These include a lower layer of token sets known and DynaSets, a middle layer known as SingYield, and a top layer called SingDAO. The first layer is a collection of utility tokens oriented towards both lower liquidity and high liquidity.  

The middle layer is based on the ETF-like DynaSet tokens. It allows holders to share the returns obtained when smart contracts automatically loan out DynaSet tokens to borrowers.  Lastly, the top layer (governance token) is earned by users who keep SingYield tokens within the platform. 

The funding comes days after SingularityDAO announced it would be intergrading Chainlink Price Feeds as its preferred oracle solution. Singularity DAO explained that the move would help obtain price reference data used within its future ecosystem products.

SingularityDAO is scheduled for a five million SingDAO airdrop. From the five million, 2 million SingDAO tokens will go to users who stake at least 1000 AGI while the remaining 3 million SingDAO tokens will go to those who hold AGI tokens either in private wallets pr in Liquidity pools of DEXs. 

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Source: https://zycrypto.com/singularitydao-raises-2-7m-in-private-sale-funding-from-prominent-investors/

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Ark Invest’s Cathie Wood Joins Board of Crypto Firm Amun Holdings

The CEO of Ark Invest has joined the board for crypto technology platform Amun Holdings.

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In brief

  • Cathie Wood, CEO of Ark Invest, has joined the board of Amun Holdings.
  • Wood has also bought millions of dollars worth of Coinbase shares in recent weeks.

Cathie Wood, CEO of investment management firm Ark Invest, has joined the board of crypto company Amun Holdings, per a report published by Bloomberg yesterday. 

Wood joined the Amun board after personally investing in 21Shares AG operators, which specializes in exchange-traded products (ETPs). 

“21Shares is forging a new path for crypto ETPs by leading with research and a keen understanding of this developing asset class,” Wood said, adding, “I am thrilled to support its efforts.” 

What is Amun Holdings? 

Amun Holdings is a crypto firm and ETP provider based in Zurich, Switzerland. 

The firm currently has approximately $2 billion in assets under management; a sharp increase from its March 2020 figure of $27 million, according to CEO Hany Rashwan. 

The firm is also profitable, with annual revenue of up to $50 million being generated from a mix of institutional and retail investors. 

“We built the company to make crypto as accessible as stocks and have seen tremendous demand for our products,” Rashwan said. 

21Shares Short Bitcoin ETP is one of Amun’s offerings. It allows investors to bet against Bitcoin. In turn, the 21Sahres Crypto Basket Index tracks the top five cryptocurrencies by market value. 

Amun and 21Shares products are listed on exchanges in Switzerland, Austria, and Germany. Amun plans to list its first non-European product in the coming months. According to Bloomberg‘s report, this expansion might see as many as 30 products established in eight countries. 

This isn’t Wood’s first involvement with the crypto industry. According to The Block, Woods has bought a total of $356 million worth of Coinbase shares, first purchasing $246 million on April 15, and then buying another tranche of shares worth $110 million the following day.

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Source: https://decrypt.co/70494/ark-invests-cathie-wood-joins-board-of-crypto-firm-amun

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UBS Group Reportedly Planning to Launch Crypto Services to its Wealthy Customers

The Swiss multinational investment bank, UBS Group AG, is reportedly in the works of launching several cryptocurrency services.

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The trend of giant banks developing crypto services is expanded beyond the US with Switzerland’s UBS Group AG. The institution plans to enable its wealthy customers exposure to digital asset investments later in the year.

  • By citing people familiar with the matter, Bloomberg reported that UBS Group AG is in the “early stages of planning to offer wealthy customers digital currency investments.”
  • The bank, based in Zurich, Switzerland, with over $1 trillion in Assets Under Management, is looking into several alternatives for its crypto-related services.
  • Nevertheless, the organization has warned about the infamous volatility of the digital asset sector and will enable its clients to allocate only a “very small portion” of their total wealth.
  • One of the discussed options suggested that institutional customers will be able to receive crypto exposure through third-party vehicles.
  • Interestingly, Bloomberg’s report arrives just a few months after the financial service company working under the UBS Group AG hat – UBS Global Wealth Management – warned that the entire cryptocurrency sector could plummet to zero.
  • Before UBS Group AG, numerous US-based banks initiated steps into enabling their clients to receive exposure to bitcoin and other digital assets.
  • BNY Mellon, the oldest American bank, led the charge this year after releasing BTC custodial services. Shortly after, Morgan Stanley followed by filing to receive BTC exposure for up to 25% for 12 of its funds.
  • Even the previous bashers, Goldman Sachs and JPMorgan, showed a pro-crypto approach. Goldman filed for a Bitcoin ETF, and its clients can now trade BTC derivatives, while JPM will reportedly launch an actively managed fund following the performance of the primary cryptocurrency.
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Source: https://cryptopotato.com/ubs-group-reportedly-planning-to-launch-crypto-services-to-its-wealthy-customers/

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Data Agnostic Oracle Network ORAO Chooses TRON’s Blockchain Over Ethereum’s

By breaching the high fees on the Ethereum blockchain, ORAO has chosen to launch its general data products on top of Justin Sun’s TRON.

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The data-agnostic oracle network supporting multiple blockchains, ORAO, will launch its general data product on top of TRON. The two parties announced a partnership earlier, with ORAO claiming it chose TRON due to the significantly lower transaction costs compared to other networks.

ORAO to Launch Products on TRON

Described as a “blockchain agnostic oracle platform built to support any number of chains,” ORAO operates with protocols working on top of Polkadot, Ethereum, Elrond, and other networks. The team behind it announced the partnership with Justin Sun’s TRON in a press release shared with CryptoPotato.

The statement informs that ORAO uses a “proactive rating system” to judge data upon submission, which means that “bad and malicious data never makes it to the buyer in the first place.”

Furthermore, its data oracles provide a wider variety of secure information working at high speeds – from local weather to the outcome of football matches and elections.

“One of the key strengths of ORAO are our Predefined Data Protocols, which greatly expand the variety of data products that providers can offer. However, while they make for fantastic flexibility, the fact remains that many of the data products they support would not be economically viable on a platform that is mired in congestion issues.” – commented Nikola Strahija – founder of ORAO.

The integration on TRON comes after the team examined other alternatives, including Ethereum. However, the notoriously high transaction fees and the “increased congestion,” which leads to a “growing need for a fast, scalable, and affordable base layer solution,” made TRON the most accurate option.

TRON’s Rapid Growth

Upon further explaining the decision to go with TRON, Strahija described Justin Sun’s brainchild as a “rapidly growing powerhouse” in the market.

The partnership between the two will also enable TRON users to receive data from other networks due to ORAO’s blockchain agnostic features.

“DeFi and crypto should not be limited to high net worth portfolios who can afford congestion pricing. We are seeing a rising trend of many top Ethereum projects moving to TRON. We are thrilled for ORAO to join the TRON Network and reap the benefits of a fast, affordable, and agile network.” – said Sun.

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Source: https://cryptopotato.com/data-agnostic-oracle-network-orao-chooses-trons-blockchain-over-ethereums/

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South Korea to Examine Altcoin Listings on Exchanges Due to High Risks

In order to reduce the potential risks for investors, South Korea’s officials will look into the listing processes of altcoins on exchanges.

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The significant rise of the altcoins in price and popularity has raised concerns among South Korean officials. The nation’s bank association has advised its members to investigate the rapidly growing number of alternative coins available for trading on crypto exchanges.

South Korea Warning for Altcoins

Although bitcoin is well in green since the start of the year, 2021 is so far going towards the altcoins. Multiple coins have skyrocketed in value in recent months, leading to consecutive all-time highs – just for reference, five out of the top ten marked new records in the past 24 hours alone.

Furthermore, others that seemingly have little-to-no value behind them, like Dogecoin and copycats such as SHIBA INU, have blossomed after reaching the main stage. Double- and even triple-digit returns have become the “new normal,” which attracts the masses.

Taking advantage of these trends, crypto exchanges are rushing to list the new hot coin. This seems to have become a real issue in South Korea, though, according to a local report.

It informed that the bank association believes the rapidly growing number of altcoins on local exchanges is increasing the risks for investors. Consequently, it advised its members to examine the listing processes to “gauge the trading capacity of an exchange, in an apparent move to reduce exposure to risks.”


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“One of the criteria that we recommend is the safety of digital assets, and that can be measured by the number of digital coins on an exchange. If an exchange deals with too many digital assets, it takes on more risks.” – commented an official of Korea Federation of Banks.

The coverage outlined the rapidly growing trading volume of alts compared to bitcoin. The largest local crypto exchange – Upbit – saw a BTC trading volume of just 4.26%, while the altcoins were responsible for the remaining more than 95%.

Regulations in South Korea

The East Asian country has been quite active in terms of establishing a legislative framework around the cryptocurrency industry lately.

Back in March, the authorities implemented a new rule suggesting hefty penalty standards and fines for all virtual asset services providers (VASPs), including exchanges, that fail to report suspicious transactions and keep relevant data.

As a result, some trading venues halted their South Korean branches, including OKEx Korea and Binance Korea.

Separately, the country plans to implement a 20% capital tax on profits made by crypto trading.

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Source: https://cryptopotato.com/south-korea-to-examine-altcoin-listings-on-exchanges-due-to-high-risks/

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