Fetch.ai, An AI-Focused Encryption Technology, Has Raised $40 Million In Funding

Key Points:

• Fetch.ai, an artificial intelligence-focused crypto protocol, has acquired $40 million in funding from market maker and investment firm DWF Labs.
• Fetch.ai’s goal is to give developers with tools for deploying and monetizing apps through an autonomous machine-to-machine ecosystem.

Fetch.ai has acquired $40 million in funding from market maker and investment firm DWF Labs. 

The purpose of Fetch.ai is to offer developers with the tools they need to launch and commercialize their apps through an autonomous machine-to-machine ecosystem. According to a statement issued by Fetch on Wednesday, the funding will be used to implement decentralized machine learning, autonomous agents, and network infrastructure on its platform.

The firm said in a statement on Wednesday that the funding will be used to implement decentralized machine learning, autonomous agents, and network infrastructure on its platform. Fetch.ai’s goal is to give developers with tools for deploying and monetizing apps through an autonomous machine-to-machine ecosystem.

Fetch.ai uses autonomous economic agents, which are bits of code that link a network of independent parties as well as real-world systems and gadgets. According to the firm, the aim of agents is to provide economic benefit for their owners, whether by gathering knowledge, providing forecasts, or making transactions.

According to Andrei Grachev, managing partner of DWF Labs, Fetch.ai’stform provides a full solution for designing and delivering peer-to-peer apps with automation and AI capabilities.

Following the recent popularity of AI-driven chatbots such as ChatGPT and picture generating software DALL-E, traders began to bet on the potential of AI and crypto. Both of these are traditional software that does not use cryptocurrencies or blockchain. However, a surge in institutional interest in their parent firm has contributed to a convincing case for crypto traders to bet on AI-focused tokens as the next growth area.

Fetch.ai and electronics giant Bosch formed a foundation last month to investigate and create real-world use cases of blockchain technology in industries such as transportation, hospitality, and commerce. The $40 million transaction is the market creator DWF Labs’ seventh investment this month. DWF recently invested $10 million in blockchain startup Radix Tokens.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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