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.

AccessTimeIconMar 22, 2022 at 12:00 p.m. UTC
Updated Mar 24, 2022 at 4:45 p.m. UTC

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.

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.

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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.

CoinDesk - Unknown

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.

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