Fetch.ai Nabs $5M in Institutional Investment; Fireblocks to Add Support for FET Token

The funding will be used to build out the machine-learning platform's existing and future applications.

Mar 10, 2021 at 2:01 p.m. UTC
Updated Sep 14, 2021 at 12:23 p.m. UTC

Blockchain machine-learning platform Fetch.ai is getting a funding injection from GDA Group, a Toronto-based digital asset firm planning to invest $5 million in the Fetch ecosystem over an undisclosed period of time.

The funding will be used for the research and development of Fetch's existing and future applications, which focus on autonomous artificial intelligence (AI) agents deployed on behalf of large firms like Bosch and others.

"While blockchain has been a revolutionary phenomenon in its own right, a lot of people have been conveniently ignoring the disruptive potential autonomous technologies pose to our industry," Karl Samsen, GDA's executive vice-president of Capital Markets, said in a statement.

FET is the token that undergirds the Fetch.ai system. As the primary medium of exchange across the protocol, FET enables AI agents to perform specific tasks.

Also announced Wednesday, crypto custody firm Fireblocks will add support for FET in a bid to provide additional security for those institutional stakeholders Fetch.ai is seeking to attract.

"With the Fireblocks integration, Fetch now has the necessary infrastructure to bring on institutional capital and strategic support," said Fetch CEO Humayun Sheikh. "We look forward to working with both teams to take the Fetch ecosystem to its next stage of growth and development.”

DISCLOSURE

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.