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

Bitget stated on April 27 that it has donated $10 million to the development of the Fetch.ai ecosystem. Bitget intends to provide Fetch.ai with a variety of services, including marketing consults and strategic guidance.

Fetch.ai delivers an AI agent network-powered service automation architecture. These self-sufficient agents carry out a variety of activities, including data processing and intricate financial modeling.

The move is the latest to capitalize on AI growth fueled by platforms like ChatGPT.

Gracy Chen, Bitget’s Managing Director, stated that Fetch.ai already has a slew of functional 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.”

According to Humayun Sheikh, founder and CEO of Fetch.ai, the possibilities for integrating blockchain to AI are unlimited. Fetch.ai provides its consumers with a variety of new software solutions by using decentralized machine-learning techniques.

Bitget launched a $100 million venture fund on April 10th, with an emphasis on investing in Asian Web3 and crypto ventures. The corporation declared at the time that the goal is to “foster a positive attitude toward the digital currency economy and support the development of the web3 environment.”

Bitget, situated in Seychelles, was founded in 2018 and is presently rated eighth in terms of trust score by CoinGecko. The exchange has a daily transaction volume of $735 million, 548 crypto trading pairs, and claims to have 8 million customers.

After the news broke, the exchange’s native token, BGB, increased by more than 4%. The Fetch.ai FET token, which was trading for $0.347, has seen no activity. JPMorgan Chase, a Wall Street financial titan, is likewise interested in AI solutions. On April 27, the bank announced the development of an AI tool based on ChatGPT that can evaluate Federal Reserve policy announcements.

The program calculates a “Hawk-Dove Score,” which allows bank analysts to identify possible trading signals. The method can forecast central bank monetary policy tightening and is currently hawkish. As it tackles rising inflation, the Fed is projected to hike interest rates by 0.25 percentage point next week.