Singapore based cryptocurrency exchange, BitGet pledges to invest $10 million to develop Fetch.ai, a leading artificial intelligence (AI) blockchain platform, along with providing support to the Fetch.ai ecosystem including its native token FET, on the Bitget Launchpad platform.
The quest for building machines that think and act like humans has propelled significant advances in Artificial Intelligence (AI). It has been a hot topic in the news for years, but the launch of ChatGPT in November of last year has brought even greater attention to the immense possibilities and challenges that this technology presents.
Given the rising interest in generative AI tools like text-based ChatGPT, artificial intelligence powered technologies are growing in numbers and popularity, across different industries. The recent AI boom has also piqued interest among crypto industry leaders.
They believe the AI sector will help evolve the cryptocurrency economy through creation of market price indicators to assist investors, increase efficiency in financial transactions and reduce fraudulent activities. On Monday, Near Protocol, a layer 1 blockchain network invested an undisclosed funding in Cosmose, an AI-based company focused mainly on retail shopping, in order to make online payments cheaper.
A huge partnership between @NEARFoundation and @cosmoseAI
Another step towards #MassAdoprtion#MassAdoptionisNEAR #NEARistheBOS #NEARisNOW https://t.co/1jh1Kq1q6w
— NEAR Blockchain (@NEAR_Blockchain) April 24, 2023
Fresh Funding To Develop AI
In the latest development, BitGet has pledged a $10 million investment for the development of the Fetch.ai ecosystem buoyed by the recent AI hype generated by ChatGPT. The exchange will provide consultations on marketing and other important directions to ensure that the Fetch.ai ecosystem can be properly positioned on the market to attract community and potential business partner attention. In addition, BitGet will also support with the listing of Fetch.ai ecosystem tokens on its Launchpad platform.
"BitGet Pledges $10 million to Foster https://t.co/kJ9URVpOul Ecosystem"
Exciting news! A strategic partnership has been struck between https://t.co/kJ9URVpOul and @bitgetglobal with plans to push the #AI ecosystem further 👀
Read more details 👇https://t.co/yYAxgEXjIR pic.twitter.com/TcE7kUUf3B
— Fetch.ai (@Fetch_ai) April 27, 2023
The crypto exchange explained the potential of AI-linked crypto apps is likely to surge in the near term, offering various services including crypto education and better investment ideas. Gracy Chen, Managing Director of BitGet said AI is revolutionizing crypto and decentralized finance (DeFi).
The interest in tokens tied to AI blockchain projects have also surged exponentially, over the recent few months. She emphasized the partnership with Fetch aims to accelerate blockchain progress and create more secure and efficient cybersecurity systems for individuals, businesses, and governments. Chen added,
“Fetch.ai already consists of a host of functioning and applicable technological AI solutions that can have a real impact on the way businesses and individuals interact. That is the main reason we have decided to pledge our support to this promising startup and will continue to do so as we identify others in need of assistance from our dedicated fund.”
Crypto’s Tryst With Artificial Intelligence
Investors are betting big on the AI industry, and so are cryptocurrency leaders. Global conglomerates such as Microsoft, Snapchat and Salesforce have already jumped on the AI bandwagon. Similar to most industries, the use of AI in crypto has now become quite prevalent now.
As per experts, AI can significantly lower barriers of entry to the cryptocurrency segment for blockchain developers, average users, investors and traders. Advanced chatbots such as ChatGPT will enable pattern recognition that can be used to boost the functionality of cryptocurrencies. The collaboration between AI and cryptocurrency is fairly new but holds the potential to combat fraud and increase speed of transactions.
Recently, Recently, Vitalik Buterin, the co-founder of Ethereum (ETH), experimented with the AI chatbot, ChatGPT’s Application Programming Interfaces (APIs) demonstrating the potential for ChatGPT to be used to suggest APIs needed for developing successful crypto trading strategies.
As the symbiotic relationship between crypto and AI deepen, several digital asset bigwigs push forward to implement this evolving technology into their businesses. The world’s largest cryptocurrency exchange, Binance deployed a ChatGPT-powered chatbot called “Sensei”, on its education platform, Binance Academy, to help users learn about crypto, blockchain, and Web3.
(1/2) Solana Labs has created an open-source reference implementation for a ChatGPT plugin that lets users interact with the @solana network directly from ChatGPT.
Users will be able to check wallet balances, transfer tokens, and purchase NFTs once ChatGPT plugins are available. pic.twitter.com/08z1IX76zJ
— Solana Labs (@solanalabs) April 25, 2023
Earlier this week, Solana Labs also unveiled a ChatGPT plugin allowing chatbot users to interact with the Solana blockchain (SOL) to check wallet balances, transfer tokens and purchase non-fungible tokens (NFT). Other companies such as Hudson River Trading and Jane Street utilize AI-based applications in crypto practices.
Meanwhile, platforms such as TradeConnect use machine-learning algorithms to help customers get the appropriate broker and bank for crypto-oriented transactions. On April 27, investment banking giant JPMorgan has reportedly unveiled an AI tool to analyze Federal Reserve statements and speeches to detect potential trading signals.