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Crypto Exchange MEXC Global Leads $150M Fetch.ai Development Fund With Huobi, Bybit

Cryptocurrency exchange MEXC Global has launched a $150 million development fund for Fetch.ai, a blockchain-based machine-learning platform, along with peers Huobi and 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.

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