zkMe has announced a strategic partnership with Singularity, a pioneer in compliant confidential DeFi infrastructure. This collaboration aims to transform compliance in the DeFi space by improving user access for many of the users on Arbitrum and ensuring the preservation of user data through the integration of zkMe's cutting-edge on-chain compliance and KYC solutions.
Singularity: Pioneering Institutional DeFi Access with Enhanced Confidentiality
Singularity is a compliant institutional grade DeFi access layer designed to provide on-chain participants with secure and confidential access to popular DeFi protocols. By leveraging state-of-the-art technology, Singularity ensures that users can utilize existing DeFi liquidity while keeping their wallet addresses obfuscated for enhanced commercial confidentiality. Utilizing the advanced UltraPLONK proof system and zero-knowledge circuits based on Noir, Singularity sets a new standard for commercial confidentiality in the DeFi space.
This complements Singularity's existing compliance oracle partnership with Keyring Network on Ethereum mainnet as they build out a full suite of compliance partners across L2's and EVMs.
Addressing Compliance and Security Challenges in DeFi
The DeFi sector faces significant challenges in maintaining compliance and security while ensuring user privacy. This involves upholding integrity and fairness by preventing users from creating multiple accounts to exploit protocols, ensuring compliance with KYC and AML regulations to legally operate in various regions, and enhancing user trust and security by mitigating the risk of illegal activities such as money laundering.
Enhancing DeFi with zkMe’s Privacy-focused On-chain Solutions
Through this strategic partnership, Singularity will integrate zkMe's advanced zkKYC solution, providing Singularity users with on-chain decentralized digital identities (DIDs) verified through zero-knowledge KYC. This integration ensures that every user on the Singularity platform undergoes self-verification to obtain a unique DID, significantly enhancing security and reducing the risk of system manipulation by bad actors creating multiple accounts.
The zkMe zkKYC solution encrypts all users’ private data, thereby returning ultimate data ownership to the users and maximizing the protection of Singularity’s user data. By leveraging blockchain technology, zkMe enables individuals to create unique identity credentials that are immutable, portable, and cryptographically secure. This empowers users to manage their credentials independently, minimizing the need for intermediaries and significantly reducing the risk of unauthorized access. This robust encryption and user-centric approach ensure that Singularity's user data remains secure and under the control of the users themselves.
Moreover, this partnership extends seamless access to Singularity for zkMe's existing base of the users that has obtained over 600,000 credentials in total. Such users onboarding to Singularity can also opt to receive their identity credentials through zkMe, greatly enhancing both accessibility and security across the platform. This collaboration not only fortifies the integrity of Singularity's DeFi ecosystem but also sets a new benchmark for compliance and user data protection in the decentralized finance industry.
“We look forward to providing confidential DeFi access to zkMe’s existing and new users, mainly on the Arbitrum blockchain. zkMe provides a compliant gateway for KYC’d users to trade, swap and settle within Singularity without exposing their trading strategies nor their wallet addresses on-chain. The combination of compliance and confidentiality in DeFi could herald a new era of DeFi participation.” said Jemma Xu, Co-founder of Singularity.
"This partnership with Singularity allows us to extend our secure, decentralized KYC solutions to a broader user base, ensuring compliance without compromising privacy. By combining our respective strengths, we believe we can create a compliant and secure environment that facilitates broader and more efficient engagement for both institutional and individual participants in the DeFi sector." said Alex Scheer, CEO of zkMe.
Paving the Way for Secure and Compliant DeFi Engagement
The partnership between zkMe and Singularity underscores the commitment of both companies to delivering innovative solutions that prioritize user privacy and regulatory compliance. Moving forward, zkMe and Singularity aim to strengthen this partnership through increased community engagement, user education, and technical cooperation within the DeFi space.
About Singularity
Singularity is a compliant institutional DeFi access layer that provides access to popular protocols for institutional on-chain participants with commercial confidentiality. Users will have their wallet addresses obfuscated while leveraging existing DeFi liquidity. Singularity uses the state-of-the-art UltraPLONK proof system with zero-knowledge circuits based on Noir.
To explore partnership opportunities with Singularity, please contact: jonah@thesingularity.network
About zkMe
zkMe builds zk Identity Oracles for truly decentralized & anonymous cross-chain credential verifications.
No personal information is ever processed by anyone but the user themselves. Data leaks & misuse by the service provider are impossible; full interoperability & reusability result in a superior ID solution. zkMe’s is the only FATF compliant KYC provider to be fully decentralized, offering a full suite of products from anti-bit/anti-sybil, to KYC and more.
For more information, follow the links below:
Ready to dive deeper into how zkMe can help your project? Learn more or contact us directly at contact@zk.me for more information.
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