Share this article
AI-Focused Crypto Protocol Fetch.ai Raises $40M to Deploy Decentralized Machine Learning
The funding marks yet another investment by market maker DWF Labs, its sixth this month.
Updated May 9, 2023, 4:11 a.m. Published Mar 29, 2023, 3:00 p.m.
Make us preferred on Google
Artificial intelligence-focused crypto protocol Fetch.ai has raised $40 million from market maker and investment firm DWF Labs.
Fetch will use the investment to deploy decentralized machine learning, autonomous agents and network infrastructure on its platform, the firm said in a statement on Wednesday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The aim 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 bits of codes it refers to as "autonomous economic agents," which 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.ai, be it through acquiring knowledge, sharing predictions or conducting trades.
"Fetch.ai's platform provides a comprehensive solution for building and deploying peer-to-peer applications with automation and AI capabilities,” Andrei Grachev, managing partner of DWF Labs, said in the statement.
The investment comes after traders started to bet on the potential of AI and crypto, following the recent rise in popularity of AI-driven chatbots such as ChatGPT and image generation software DALL-E. Both of these are traditional software that do not use cryptocurrencies or blockchain, However, a spike in institutional interest in their parent company – OpenAI, which recently raised $10 billion from Microsoft at a $29 billion valuation – has helped create a compelling argument for crypto traders to bet on AI-focused tokens as the next growth sector.
The native token of Fetch.ai, FET, currently has a market cap of about $400 million, while one of its peers, SingularityNET's AGIX), has over $500 million, according to CoinGecko data.
Last month, Fetch.ai teamed up with electronics giant Bosch to form a foundation for the research and development of real-world use cases of blockchain technology in areas such as transportation, hospitality and commerce.
The $40 million funding marks yet another investment by market maker DWF Labs, its fifth this month. Most recently, DWF invested $10 million in blockchain firm Radix Tokens.
Read more: Illia Polosukhin: Building Near's Blockchain, Embedding AI
CORRECTION (March 29, 16:31 UTC): Corrects market-cap of the tokens.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Circle faces first major 'threat' for institutional dollars from Tether’s USAT
While Circle's USDC has operated without a "credible domestic competitor," Tether's USAT has the potential to shake up the landscape, analysts said.
What to know:
- Analysts said USAT, the U.S.-focused stablecoin by Tether, could become the first credible domestic competitor to Circle's USDC token.
- USAT is "a threat to USDC" and could gain an edge through institutional partners and global USDT connectivity, Crypto is Macro Now's Noelle Acheson said.
- ClearStreet's Owen Lau called USAT “a manageable risk” for Circle, and noted potential "cannibalization" risk between Tether's two tokens.
Top Stories
