Bitget Banks on ChatGPT's Popularity, Invests $10 Million in Fetch.ai

Bitget, a crypto derivative and copy trading provider, is joining forces with Fetch.ai, an artificial intelligence (AI) blockchain platform. Bitget has committed $10 million to support the growth of the Fetch.ai ecosystem.

The news comes moments after the exchange announced that it would allocate a total of $300 million to run two funds to support the development of digital assets.

Bitget Leverages Popularity of ChatGPT and AI

AI technology has been gaining momentum, with platforms such as ChatGPT showcasing its potential to augment creativity. This trend is mirrored in the crypto landscape where a rising number of projects are merging AI and crypto technologies. Spotting the possibilities in the crypto and AI fusion, Bitget has opted to collaborate with Fetch.ai, a frontrunner in the AI and blockchain arena.

Bitget plans to offer Fetch.ai a range of services, including marketing consultations and strategic directions. The goal is to help Fetch.ai attract community involvement and potential business partnerships. Further, Bitget will aid in the listing of Fetch.ai ecosystem tokens or token sales on the Bitget Launchpad platform.

"We know value when we see it," Gracy Chen, the Managing Director of Bitget, commented on the partnership announcement. "Fetch.ai already consists of a host of functioning and applicable technological AI solutions that can have a real impact on the way businesses and individuals interact."

Humayun Sheikh, the Founder and CEO of Fetch.ai, welcomes the partnership with Bitget, acknowledging the mutual understanding of blockchain's potential between the two entities. He notes that the rapid advancements in AI provide a fertile ground for its application within blockchain technology.

Fetch.ai's structure enables it to function as an off-chain layer for other layer-1 networks and to act as an interchain bridge across multiple blockchain networks.

Humayun Sheikh, Fetch.ai Founder and CEO, welcomes the partnership with Bitget, acknowledging the mutual understanding of blockchain's potential between the two entities. He notes that the rapid advancements in AI provide fertile ground for its application within blockchain technology.

Bitget Dedicates $300 Million to DApps and Web3 Funds

Three weeks ago, Bitget introduced its Bitget Web3 Fund, starting with a significant seed capital of $100 million. This fund is designed to fuel the growth of emerging crypto projects by backing Web3-focused venture capital enterprises and Web3 initiatives.

Shortly following this, Bitget declared a strategic alliance with Core DAO, a body committed to expanding the Satoshi Plus ecosystem. This joint venture will lead to the creation of a $200 million ecosystem fund to aid the progress and proliferation of decentralized applications (DApps).

Chen noted, "This investment is another show of proof of our commitment to supporting blockchain space from various angles."

In its latest strategic step, Bitget has successfully achieved registration in Lithuania, thereby enabling the firm to offer crypto-centric services in alignment with the region's regulations. In an earlier announcement in November, Bitget confirmed the establishment of a new branch in Seychelles, which was a move aimed at bolstering its international expansion. Additionally, the digital assets exchange plans to augment its current staff base by 50%, aiming to reach 1,200 employees within the year.