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Crypto Exchange MEXC Global Leads $150M Fetch.ai Development Fund With Bybit

The money will be used to encourage more developers and projects to work on the Fetch.ai ecosystem.

By Camomile Shumba
AccessTimeIconMar 22, 2022 at 12:00 p.m. UTC
Updated May 11, 2023 at 7:13 p.m. UTC
Fetch.ai CEO Humayun Sheikh (Fetch.ai)
Fetch.ai CEO Humayun Sheikh (Fetch.ai)
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Cryptocurrency exchange MEXC Global has launched a $150 million development fund for Fetch.ai, a blockchain-based machine-learning platform, along with peer Bybit.

  • The money will go toward encouraging developers to build on the platform, according to an emailed statement on Tuesday.
  • “As a project, we are now ready for Fetch.ai’s technology to be scaled and to make it available for developers to deploy on any chain out there and provide cross-chain interaction and tools to build much more sophisticated logic using Fetch.ai’s technology,” Humayun Sheikh, the company’s CEO and founder, told CoinDesk.
  • Cambridge, U.K.-based Fetch.ai is a layer 1 blockchain that can act as a layer 2 network as well as an interchain bridge.
  • Layer 1 blockchains, like Bitcoin and Ethereum, run independently of other blockchains, while layer 2 chains aim to speed up transactions on existing blockchains.
  • The company uses autonomous economic agents, which it calls digital twins, to mimic real-world objects on the blockchain. The agents help users generate economic value and can be considered as a collaborative intelligence that helps users and businesses to make better decisions, Sheikh said.
  • The technology has been used to create a decentralized manufacturing marketplace for Festo, a German electromechanical systems manufacturer.
  • In March 2021, Fetch.ai raised $5 million from GDA Group, a Toronto-based digital asset firm.
  • The company also has a native token, FET.
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    • Read more: Fetch.ai Nabs $5M in Institutional Investment; Fireblocks to Add Support for FET Token

    CORRECTION (March 24, 16:45 UTC): A previous version of this story stated that MEXC Global's fund had also been launched with Huobi because of inaccurate information supplied by MEXC Global.

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Camomile Shumba
    Camomile Shumba

    Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

    Follow @camomileshumba on Twitter

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