The digital asset and cryptocurrency trading platform MEXC Global has announced an ecosystem fund of $150 million, along with Bybit, in order to support the ecosystem growth of Fetch.ai, a Cambridge-based AI lab building an open-access “decentralized” machine learning network for smart infrastructure.
Known as a widely-used AI and machine learning based blockchain platform, the Fetch.ai network is building its ecosystem “with the goal of being a competitive public chain for professional developers to build upon it and empower business solutions in many areas.”
The Fetch.ai blockchain is “an interchain protocol, based on the Cosmos-SDK, and uses a high-performance WASM-based smart contract language (Cosmwasm) to allow advanced cryptography and machine learning logic to be implemented on chain and off chain.”
Fetch.ai is a layer-1 chain that can act as “a layer-2 network for legacy blockchain networks and as an interchain bridge to the outside world.”
Developers within the Cosmos ecosystem or on Ethereum can “use the tool kits provided by Fetch.ai and scale easily.”
As an autonomous machine-to-machine ecosystem, Fetch.ai’s Digital Twins (formerly known as Autonomous Economic Agents) work as “a network and interact with each other directly via the Digital Twin Communication Network.”
With reinforced strengths coming from blockchain, automation and artificial intelligence, the network can be “a strong engine to drive applications in DeFi, mobility, supply chain, manufacturing, and many more areas into the next level and to make our life easier.”
Fetch.ai is inviting crypto and blockchain developers from the Cosmos and Ethereum ecosystem to “build on the Fetch.ai chain and explore more possibilities in its fast-growing ecosystem.”
As the first movers focusing on blockchain and cryptocurrency projects, MEXC Global partners with Bybit to “launch the ecosystem fund, and encourage developers to contribute ideas and projects to the Fetch.ai ecosystem.”
Humayun Sheikh, CEO and Founder of Fetch.ai added:
“We are excited to partner with pioneers like MEXC, and ByBit on this expansive developer ecosystem initiative from Fetch.ai. As a project, we are now ready for Fetch.ai’s technology to be 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. The timing is perfect for fetch.ai to scale and to enable other projects to deploy new and interesting business models for the decentralized economy.”
Katherine Deng, VP of MEXC Global and the founder of MEXC Pioneer, commented:
“Fetch.ai is a technique-focused team that has a deep background in AI and machine learning, and I was always impressed by their level of expertise. Now the team welcomes more developers to build the ecosystem, and provides developers with state-of-the-art on-chain tools and services to make growth happen. We are happy to work closely with these great talents, and be a major contributor to the quickly growing ecosystem.”
