Fetch ai receives $40 million in funding from DWF Lab for its plan to build a decentralized machine learning network infrastructure!
Fetch ai Receives 40 Million Funding
Fetch ai is an artificial intelligence lab developing a decentralized machine learning network with a crypto economy. The company recently announced that it had received $40 million in funding from DWF Labs, a market maker and investment firm.
It plans to use this amount to build a decentralized machine-learning network infrastructure, as we can understand from the Fetch ai investment protocol. Following the announcement, Fetch ai’s utility token FET traded around $0.377 in the Asian market early Thursday, up about 4.21 percent in the last 24 hours.
Fetch ai Focuses on Asian Community
AI is expected to have a significant place in most global tech companies, especially post-Covid. It is helping tech companies scale at an unprecedented level amid rising inflation and competition around the world. However, concerns have grown that this rise of AI poses risks to society and humanity. That’s why Elon Musk, a technology leader and researcher, has signed an open letter calling for a halt to AI development.
In addition, the startup recognized the importance of a vibrant community and began using cryptocurrency to stimulate the economy. In building a developer community funded by DWF, it said it would focus on the Asian community.
Fetch.ai kurucusu ve CEO’su Humayun Sheikh, said; “DWF is quite active in the Asian community, building developer communities around the different projects it is investing in. We need to bring in more developers and launch applications, so DWF’s proposition fits our plan. DWF will support us with that over the next 12 to 24 months.”
The Rise of Fetch ai
According to information received from some sources, almost half of the funding amount has been transferred to the Fetch.ai economy through FET tokens, and the rest is expected within the next month.
Fetch.ai (FET) has recorded significant gains since November last year. According to the most recent market data, FET traded around $0.061 in November last year and rose to a high of $0.54 during the January and February bulls. FET’s rise has caught the attention of some prominent crypto traders. On top of all this, Fetch.ai is working on developing automation tools to help people interact with applications seamlessly.
Commenting on the issue, Sheikh said: “What we are trying to do is bring automation so people don’t have to interact with too many applications. So life is a lot simpler by performing tasks from one place. We are opening up our infrastructure to developers to build different applications so users can enjoy the automation journey in a decentralized fashion.”
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