Crypto Exchange MEXC Global Leads 150M Fetch.ai Development Fund With Huobi and Bybit
MEXC Global’s cryptocurrency exchange has launched a $150 Million development fund. Fetch.aiHuobi and Bybit are also using a blockchain-based machinelearning platform called.
According to an email statement sent Tuesday, the money will be used to encourage developers to use the platform.
“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 such as Bitcoin and Ethereum operate independently from all other blockchains. Layer 2-chains aim to accelerate transactions on existing Blockchains.
The company uses autonomous economic agents, which it calls digital twins, to mimic real-world objects on the blockchain. Sheikh stated that the agents are able to help users generate economic value. They can also be used as a collaborative intelligence that assists users and businesses in making better decisions.
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.
FET is the native token of the company.