Leading crypto derivatives exchange Bitget has concluded a strategic partnership with the blockchain-based Fetch.ai artificial intelligence ecosystem. As part of the agreement Bitget plans to invest $10 million in the development of the leading AI blockchain provider. The deal comes in light of Bitget’s recent deployment of a fund specifically founded for supporting startups with high listing potential on the exchange’s native Launchpad showcase venue.
The advent of artificial intelligence constructs that has been only highlighted by the successful deployment of such models as ChatGPT revealed the vast possibilities of such solutions in increasing labor productivity and efficiency. The blockchain industry has also been affected by the introduction of neural network-based software, with Fetch.ai currently being positioned as the leading developer of related solutions.
The Bitget exchange has recognized the traction of the developer and will be pledging its support to Fetch.ai in terms of consultations to ensure that the platform receives proper market coverage and exposure to a greater number of potential investors, partners, and users. Bitget will also be listing the tokens of the Fetch.ai ecosystem on the native Launchpad, as well as providing a venue for future sales events.
Gracy Chen, the Managing Director of Bitget, has stated in a comment on the partnership that the exchange team sees the potential the AI-based technologies developed Fetch.ai can have on business and individual interaction processes. The exchange will be pledging its support to the platform to foster a collaborative environment and secure the “unstoppable” progress of blockchain that can only be accelerated in its development and adoption with the help of AI, as Gracy Chen concluded.
Humayun Sheikh, Fetch.ai Founder and CEO, also commented on the partnership by highlighting the importance of such collaboration in establishing the building blocks of a digital economy and ensuring the expansion of opportunities for blockchain development in the coming years. Humayun Sheikh is confident that the applications of AI are boundless and can have a major impact on global progress as a whole.
Fetch.ai focuses on the development and deployment of autonomous and automated services with a smart core that leverages a decentralized AI network agent for data processing and financial modeling. The ecosystem consists of a number of modules, which include trading tools applying AI agents, a blockchain-based machine-learning platform, and a smart wallet that provides complete automation and integration with the API of GPT models.
Fetch.ai currently serves as an off-chain bridge for layer-1 networks and focuses on supporting P2P interactions using its decentralized solutions. The applications for the technologies Fetch.ai provides extend well beyond automation, as the platform offers CLI tools, a vast client library, and indexer service.
The pledge provided to Fetch.ai by Bitget is but part of the exchange’s ongoing expansion efforts based on the new ‘Go Beyond Derivatives’ strategy, which has seen it partner with various companies across sectors. At present, Bitget is ranked 8th by Coingecko based on its $990 daily spot trading volume and is engaged heavily in corporate social responsibility endeavors for advancing blockchain and crypto education among youth.