Bitget Exchange invests $10 million in Fetch.ai AI ecosystem

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On April 27, Bitget announced that it had 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 guidance.

Fetch.ai provides a service automation infrastructure powered by a network of AI agents. These autonomous agents perform a variety of tasks, including data analysis and complex financial modeling.

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

Bitget spend big

Bitget CEO Gracy Chen said that Fetch.ai already consists of a multitude of functional and applicable technological AI solutions before adding:

“This is the main reason we have decided to support this promising startup and we will continue to do so as we identify more people in need of help from our dedicated fund.”

Humayun Sheikh, Founder and CEO of Fetch.ai, 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 capital fund focused on investing in primarily Asian web3 and crypto projects.

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

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

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The exchange’s native token, BGB, jumped more than 4% after the news broke. There was little movement for the Fetch.ai FET token, which was changing hands for $0.347.

JPMorgan Harness ChatGPT

Wall Street banking giant JP Morgan is also keen on AI solutions. April 27 was reported that the bank had developed a ChatGPT-based AI tool that can analyze Federal Reserve policy statements.

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

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

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