FET token gains over 40% after MEXC, Huobi and Bybit invests $150M development fund

Why FET token’s price is increasing rapidly?

Along with Huobi and Bybit, MEXC Global has announced a $150 million development fund for Fetch.ai, a layer 1 machine-learning platform. According to an emailed statement, the funds would be used to encourage developers to build on the platform.

“As a project, we are now ready for Fetch.ai’s technology to be scaled and to make it available for developers to deploy on any chain out there and provide cross-chain interaction and tools to build much more sophisticated logic using Fetch.ai’s technology,” Humayun Sheikh, the company’s CEO and founder, told CoinDesk.

Fetch.ai uses autonomous economic agents, which it calls digital twins, to mimic real-world objects on the blockchain. The agents help users generate economic value and can be considered as a collaborative intelligence that helps users and businesses to make better decisions, Sheikh said.

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Besides, Fetch.ai has been its ongoing integration with the Cosmos ecosystem and Interblockchain Communication Protocol.

Fetch officially joined the list of projects that were launching within the interoperability-focused Cosmos ecosystem in February and it is currently in the process of upgrading the Fetch.ai chain to allow IBC transfers between supported networks.

FET token is now trading at 0.4418. It has climbed 43.13% over the past two days, rallying from a low of $0.322 on March 21 to a high at $0.45 on March 23 as its 24-hour trading volume underwent a five-fold increase.

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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