Crypto exchange Bybit is integrating a ChatGPT-based artificial intelligence (AI) tool in its trading platform to automate market data analysis.
The new feature, called ToolsGPT, is an AI chatbot that users can query for "technical analysis, backtested price data, and other essential metrics," the firm said in a press release on Thursday. For example, Bybit traders will be able to analyze future price trends based on past data and technical indicators using the tool.
ChatGPT is a chatbot developed by startup OpenAI that uses natural language processing and was released in November 2022. The chatbot saw staggering interest from users upon release and triggered what some have called an "AI arms race."
Crypto companies, along with everyone else in tech, are trying to catch up with the AI trend by finding ways to implement artificial intelligence within their workflow.
“By integrating ChatGPT into Bybit Tools, we are able to give users more comprehensive information when making their decisions," said Ben Zhou, CEO of Bybit in the statement.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish, a cryptocurrency exchange, which in turn is owned by Block.one, a firm with interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets including bitcoin and EOS. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.