OceanPal and NEAR Foundation Join Forces to Launch SovereignAI with $120 Million Investment

OceanPal and NEAR Foundation Partner to Launch SovereignAI

In a groundbreaking move within the digital asset landscape, OceanPal Inc. has announced the launch of its new subsidiary, SovereignAI Services LLC, following a significant investment of $120 million in a private investment in public equity (PIPE) transaction. This initiative is set to focus on the commercialization of the NEAR Protocol, a blockchain platform specifically designed for artificial intelligence (AI) applications.

A Vision of Universal AI Sovereignty

The alliance between OceanPal and the NEAR Foundation is anchored in a shared vision of achieving universal AI sovereignty. By integrating NEAR's blockchain capabilities, SovereignAI aims to build a confidential and blockchain-native AI infrastructure that will redefine the automation and compliance norms across various industries. This innovative infrastructure is expected to foster considerable interest from institutional investors aiming to explore the AI space represented by NEAR's underlying economic model.

Ongoing trends in institutional investment highlight a growing appetite for automation and scalable AI infrastructure, which SovereignAI intends to cater to. The NEAR Protocol's architecture allows AI agents to function as independent economic actors, which can facilitate transactions, manage assets, and automate decisions while ensuring the privacy and governance of end-user data.

Strategic Objectives and Market Position

SovereignAI's strategy centers around acquiring at least 10% of the NEAR token supply over time to monetize its infrastructure effectively. By moving beyond traditional passive accumulation models, the company plans to navigate a path focused on the robust execution of its operating and infrastructure businesses. The revenues generated from this treasury management strategy are set to fund the development of a unique blockchain-native AI infrastructure.

Sal Ternullo, OceanPal’s newly appointed Co-CEO, stated, "We believe NEAR presents the greatest asymmetric upside across mature projects in the digital asset market, which we aim to capture and offer to our shareholders." The firm is positioning itself as an active partner of the NEAR Foundation, leveraging the extensive ecosystem of NEAR to realize the potential of AI technologies in practical settings.

Leadership Team and Expertise

The leadership at SovereignAI includes industry veterans with diverse backgrounds in early-stage investing, asset management, and information security. David Schwed, the newly appointed COO, brings a wealth of experience in information security and privacy across both traditional finance and crypto-native contexts. With insights from companies like BNY Mellon and Robinhood, the executive team's expertise is aimed at addressing the convergence of AI and digital ownership.

"SovereignAI is positioned at the convergence of two massive transformations - AI and digital ownership," Schwed remarked. This strategy deliberately transcends conventional treasury management approaches and is geared at enabling user-owned, privacy-preserving AI infrastructures at scale.

An Advisory Board of Industry Leaders

SovereignAI has also assembled a world-class Advisory Board, chaired by Illia Polosukhin, CEO and co-founder of the NEAR Foundation. The board includes notable figures like Richard Muirhead from Fabric Ventures and representatives from OpenAI and Quicknode. This consultative panel enhances SovereignAI's capacity to tap into AI expertise and infrastructure networks, reinforcing its mission in the market.

Conclusion: A New Era in AI and Blockchain Collaboration

The partnership between OceanPal and the NEAR Foundation, supported by significant investment and a strategic vision, marks the onset of a new chapter in the intersection of AI and blockchain technology. As SovereignAI sets out to build an advanced infrastructure catering to the needs of privacy-focused enterprises across various sectors, it reflects the broader economic trend toward decentralized and user-centric AI solutions. Investors and stakeholders alike are eager to see how this initiative unfolds, potentially reshaping the landscape of digital assets and AI collaboration for years to come.