News

FalconX Will Soon Launch Satoshi ChatGPT-Powered Bot To Support Crypto Traders

Key Points:

  • FalconX’s chatbot, Satoshi, uses OpenAI technology and machine learning to provide clients with customized news summaries and trading strategy information.
  • Users can test their trading strategies and portfolio performance by asking Satoshi about costs, buying ether, and other related topics.
FalconX, a crypto trading platform, is developing a chatbot called Satoshi that uses OpenAI technology. Satoshi is named after Bitcoin’s founder and aims to provide clients with investment ideas and news summaries.

Forbes reported that the chatbot uses machine learning to recognize patterns, but cannot give trading advice. FalconX also plans to integrate other Large Language Models besides OpenAI, such as Google’s Bard.

Source: Forbes

The current prototype of Satoshi offers customized news summaries similar to traditional ChatGPT responses to user queries, and allows for trading backtesting for a limited time. Prathab Murugesan, the company’s engineering head, has experience bringing machine-learning technologies into products like Gmail and Google Docs from his time at Google.

The aim of FalconX is to make Chat GPT’s LLM a base layer for a wide range of purposes. According to a 2022 report by PriceWaterhouseCoopers, most legitimate trading is conducted by 10% of traders using algorithmic models. This means that 45% of hedge funds use a discretionary approach to at least some of their trading, and the percentage of such trades goes up when considering other categories such as venture capital funds, family offices, brokers, and retail traders.

Source: Forbes

Satoshi by FalconX is a chatbot that helps smaller traders compete with quantitative trading operations. It offers customized news summaries and answers questions about portfolio performance and trading strategies. Users can test their strategies by asking about the cost of short positions or buying ether. The platform will eventually have buy/sell buttons for immediate implementation of strategies. However, there are privacy and incorrect trading strategy risks. The chatbot is still in testing and not yet integrated with necessary platforms. FalconX aims to reduce variance by 10x in the next year.

Despite its potential to provide investment ideas and customized news summaries to clients, FalconX’s chatbot, Satoshi, is currently in its early stages of development and faces issues related to privacy and incorrect trading strategies due to the use of generative AI. Additionally, the platform is not yet integrated with exchange order books and lacks necessary tools for professional users, such as trading charts. FalconX plans to reduce variance by 10x over the next year.

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.

Join us to keep track of news: https://linktr.ee/coincu

Thana

Coincu News

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.

Recent Posts

Best Cryptos to Buy in December 2024: Qubetics Presale Goes Ballistic as Ethereum and Quant Look to Build Momentum

Best Cryptos to Buy in December 2024: Qubetics ($TICS) presale explodes, Ethereum (ETH) eyes a…

59 minutes ago

USDC and CCTP to launch on Aptos, with Stripe adding Aptos support in crypto products

Palo Alto, California, 21st November 2024, Chainwire

3 hours ago

Best Cryptos to Buy: Qubetics Set to Rise, Bitcoin Knocks at $100k Milestone, Avalanche to Release 1.67M Tokens

Best Cryptos to Buy: Qubetics presale rockets ahead, Bitcoin nears $100k, and Avalanche prepares to…

3 hours ago

Ike Goes Live on Mainnet: Unlocking Liquid Staking on Aleph Zero

London, United Kingdom, 21st November 2024, Chainwire

4 hours ago

Native USDC on Aptos Coming Soon to Boost DeFi and P2P Transactions

The move will see developers utilize USDC on Aptos in creating dApps on a wide…

4 hours ago

Coinshift Launches csUSDL, Announces Strategic Partnerships

Abu Dhabi, UAE, 21st November 2024, Chainwire

5 hours ago

This website uses cookies.