According to the latest information, the popular artificial intelligence altcoin protocol Fetch.ai (FET) has raised $ 40 million in institutional investment from DWF Labs.
Artificial Intelligence Altcoin FET Receives Institutional Investment
The altcoin company said Wednesday that it will use the investment to build decentralized AI learning, autonomous agents and network infrastructure on its platform.
“Fetch.ai’s platform provides a comprehensive solution for building and deploying peer-to-peer applications with automation and AI capabilities,” said Andrei Grachev, managing partner of DWF Labs.
After the development, a sudden increase in the price of FET occurred.
However, AI altcoins have been trending for a long time. With the introduction of new products by companies such as Microsoft and Google, these areas are also on the rise in the crypto money world.
Last month, Fetch.ai collaborated with electronics giant Bosch to establish a foundation for research and development of real-world use cases of blockchain technology in areas such as transportation, hospitality and commerce.
FET is used as the native cryptocurrency of the Fetch.ai network. It has versions on the Ethereum and Binance Smart Chain blockchains.
Fetch.ai (FET) is a platform that connects Internet of Things (IoT) devices and algorithms using blockchain, artificial intelligence and machine learning. It was founded in 2017 by a Cambridge-based team. It aims to create a decentralized ecosystem of autonomous intermediaries that can learn, communicate and trade with each other.
*Not investment advice.