Bybit, the famous cryptocurrency exchange has recently developed a language-based trading tool that utilizes AI to generate trading insights and answer technical questions.
This tool has been named TradeGPT, the project aims to establish itself as an AI-powered educational tool that harnesses the capabilities of ChatGPT’s vast language model along with Bybit’s in-house ToolsGPT to provide real-time market analysis and answers to the questions of users in a variety of languages. These questions would be answered keeping market data in mind.
As per an announcement, TradeGPT’s capability of offering market strategies along with products for those strategies is currently being discussed with users. Bybit launched its ToolsGPT platform in June this year. Furthermore, the platform seamlessly integrates ChatGPT’s machine learning and AI capabilities with the platform’s market data to conduct technical analysis, funding analysis, as well as model predictions.
Bybit Hops on the List of Exchanges Making Use of AI
Bybit is not the only crypto exchange that has explored ChatGPT to provide users with unique insights into the prices of various tokens, and market movements, along different projects. Crypto.com launched its own version of a ChatGPT-powered assistant back in May this year. Binance also integrated the chatbot into its Academy platform to generate responses from its database of articles and information on the wider Web3 ecosystem.
The OKX exchange is another platform that analyzes the potential of AI following the integration of EndoTech’s AI tools to analyze market volatility and trading opportunities. Furthermore, Solana also launched its AI-powered plugin which allows the language model to check wallet balances, transfer Solana-native tokens, and trade NFTs.
Bybit hopes to Cater to a Greater Audience
The launch of these AI tools comes at the back of Bybit offering lending services to its users, with interest payouts for all deposited crypto tokens on the exchange. This move makes Bybit one of the few exchanges that offer the service. Analysts predict that the integration of an AI-based trading tool would play a considerable role in helping the platform reach out to a greater audience.
AI is making a name for itself as being a major catalyst for innovation across a series of industries. The Animoca Brands subsidiary, TinyTap, is an example of a platform that harnesses the capabilities of AI to generate educational games and NFTs based on the prompts of the users.
