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.
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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.