Being one of the exciting crypto AI since the beginning of 2023, Fetch.AI (FET) has been actively carrying out several collaborations and partnerships.
After building the Fetch.AI Foundation with Bosch, it was recently reported that Fetch.AI received an investment of $40 million or IDR 602 billion from DWF Labs.
What do you think the funds will be used for?
Fetch.AI Implements Decentralized Machine Learning
Reporting from Coindesk, recently the artificial intelligence (AI) focused crypto protocol, Fetch.AI, has received $40 million or IDR 602 billion in funding from market maker and investment company, DWF Labs.
In a statement shared on Wednesday (29/3/23), Fetch will use the investment to implement decentralized machine learning, autonomous agents, and network infrastructure on its platform. Furthermore, one of the goals of Fetch.AI is to provide tools for developers to deploy and monetize applications by providing an autonomous machine-to-machine ecosystem.
Fetch.AI works by deploying bits of code, which it calls “autonomous economic agents,” that create connections between a network of independent parties and systems with real-world devices. According to Fetch.AI, the agent’s goal is to “generate economic value for its owners,” whether that’s through acquiring knowledge, sharing predictions, or executing trades.
In this regard, Andrei Grachev, managing partner of DWF Labs, said,
“The Fetch.AI platform provides a comprehensive solution for building and deploying peer-to-peer applications with automation and AI capabilities.”
On the other hand, the founder and CEO of Fetch.AI, Humayun Sheikh, commented
“DWF is quite active in the Asian community, building a community of developers around the projects it invests in. We need to engage more developers and launch applications, so that DWF’s offering fits into our plans. DWF will support us in the next 12 to 24 months.”
Crypto Trader’s Interest in Crypto AI
Not without reason, citing Coindesk, the investment made by DWF Labs into Fetch.AI came after traders started noticing the potential of AI and crypto, following the increasing popularity of AI-driven chatbots, such as ChatGPT and the new DALL-E image generation software. -recently.
Both of these are traditional software that do not use cryptocurrencies or blockchains, however, a surge in institutional interest in its parent company, OpenAI, which recently raised $10 billion from Microsoft at a $29 billion valuation, has helped create a compelling argument. for crypto traders to invest in AI-focused tokens as the next growth sector.
As of March 29, 2023, Fetch.AI’s native token, FET, has a market capitalization of around $400 million, while one of its kind, AGIX, owned by SingularityNET, has over $500 million, according to CoinGecko data.
