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Bitget Betting Big on AI With $10M Investment in Fetch.ai Ecosystem

AA News - Martin Young 2023-05-01 07:30

On April 27, Bitget announced it has pledged $10 million for the development of the Fetch.ai ecosystem.

Bitget plans to provide a range of services to Fetch.ai, including marketing consultations and strategic directions.

Fetch.ai provides a service automation infrastructure that is powered by an AI agent network. These autonomous agents perform various tasks, including data analysis and complex financial modeling.

The move is the latest to latch on to an AI boom driven by platforms such as ChatGPT.

“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

Bitget Spending Big

Bitget Managing Director, Gracy Chen, commented that Fetch.ai already consists of a host of functioning and applicable technological AI solutions before adding:

“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.”

Humayun Sheikh, Fetch.ai founder and CEO, said the opportunities for applying blockchain to AI are limitless.

Fetch.ai uses decentralized machine learning algorithms to provide its users with various innovative software solutions.

On April 10, Bitget announced a $100 million venture fund with a focus on investing in primarily Asian Web3 and crypto projects.

The aim is to “foster a positive attitude towards the digital currencies economy and support the development of the web3 environment,” stated the firm at the time.

Seychelles-based Bitget was established in 2018 and is currently ranked 8th for trust score, according to CoinGecko. The exchange handles $735 million in daily trade volume, offers 548 crypto trading pairs, and claims to have 8 million users.

The exchange’s native token, BGB, jumped by over 4% after the news was out. There has been little movement for the Fetch.ai FET token, which was changing hands for $0.347.

JPMorgan Harnesses ChatGPT

Wall Street banking giant JPMorgan is also keen on AI solutions. On April 27, it was reported that the bank had developed an AI tool based on ChatGPT that can analyze Federal Reserve policy statements.

The tool derives a “Hawk-Dove Score,” which enables bank analysts to detect potential trading signals.

The system can predict central bank monetary policy tightening and is predominantly hawkish at the moment. The Fed is expected to raise interest rates by 0.25 basis points next week as it battles with high inflation.

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