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Artificial intelligence-focused crypto protocol Fetch.ai has raised $40 million from market-making and investment firm DWF Labs.
Fetch will use the investment to deploy decentralized machine learning, autonomous agents and network infrastructure on its platform, the company said in a statement on Wednesday.
The goal of Fetch.ai is to provide the tools for developers to deploy and monetize applications by providing an autonomous machine-to-machine ecosystem.
Fetch.ai deploys code snippets, which it calls “autonomous economic agents” that create connections between a network of independent parties and with real-world systems and devices. The purpose of agents is to “generate economic value for its owner”. according to Fetch.aibe it through gaining knowledge, sharing predictions or making trades.
“Fetch.ai’s platform provides a comprehensive solution for building and deploying peer-to-peer applications with automation and AI capabilities,” said Andrei Grachev, managing partner of DWF Labs, in the statement.
The investment comes after traders started betting on the potential of AI and crypto following the recent rise in popularity of AI-powered chatbots like ChatGPT and imaging software DALL-E. Both are traditional software that don’t use cryptocurrencies or blockchain, but have seen a surge in institutional interest in their parent company – OpenAI, which recently Raised $10 billion from Microsoft, valued at $29 billion – has helped create a compelling case for crypto traders to bet on AI-focused tokens as the next growth sector.
Fetch.ai’s native token, FET, currently has a market cap of around $400 million, while one of its competitors, SingularityNET’s AGIX, has over $500 million. according to CoinGecko data.
Last month, Fetch.ai has partnered with electronics giant Bosch to provide a foundation for research and development of real-world use cases of blockchain technology in areas such as transportation, hospitality and retail.
The $40 million funding is another investment by market maker DWF Labs, its fifth this month. Last, DWF invested $10 million in blockchain firm Radix Tokens.
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CORRECTION (March 29, 16:31 UTC): Corrects the market capitalization of the tokens.
Source : finance.yahoo.com