Crypto-protocol Fetch.ai Has Secured $40 Million To Deploy Decentralized Machine Learning

CoinDesk reported about a statement released on Wednesday, which highlights that Fetch.ai intends to use the $40 million investment from DWF Labs to deploy decentralized machine learning, autonomous agents, and network infrastructure on its platform.

The aim of the platform is to provide developers with the necessary tools to deploy and monetize applications by creating an autonomous machine-to-machine ecosystem.

Fetch.ai uses "autonomous economic agents," which are bits of code that establish connections between a network of independent parties and real-world systems and devices. The agents are designed to "generate economic value for its owner" by acquiring knowledge, sharing predictions, or conducting trades.

In the previous month, Fetch.ai partnered with electronics corporation Bosch to establish a foundation aimed at researching and developing blockchain technology's practical applications in sectors like transportation, commerce, and hospitality.

According to data from CoinMarketCap, the market cap of FET, the native token of Fetch.ai, is currently around $44 million, while the cryptocurrency trades at around $0.38.

Although these are traditional software that do not utilize blockchain or cryptocurrencies, institutional interest in their parent company OpenAI, which recently raised $10 billion from Microsoft at a $29 billion valuation, has led to a compelling argument for crypto traders to invest in AI-focused tokens as the next growth sector.

Some people are also not happy about the AI revolution, or at least caution it. Star crypto investor Mike Novogratz for example expressed his surprise at U.S. regulators that cracking down on #crypto instead of #AI.

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