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HomeTechnologyMEXC Global, crypto exchange, touches USD 150 million in development fund

MEXC Global, crypto exchange, touches USD 150 million in development fund

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

According to an emailed statement on Tuesday, the funds would be used to encourage MEXC developers to build on the platform. As a project, we are now ready to scale Fetch.ai’s technology and make it available for developers to deploy on any chain out there, providing cross-chain interaction and tools to build much more sophisticated logic using Fetch.ai’s technology, the company’s CEO and founder, Humayun Sheikh, stated.

Fetch.ai, based in Cambridge, U.K., is a layer 1 blockchain that can also function as a layer 2 network and an interchain bridge. Layer 1 blockchains, such as Bitcoin and Ethereum, operate independently of other blockchains, whereas layer 2 chains attempt to speed up existing blockchain transactions.

The company creates digital twins, which are self-contained economic actors that duplicate real-world goods on the blockchain. According to Sheikh, the agents assist users in generating economic value and can be thought of as a form of collaborative intelligence that aids users and enterprises in making better decisions. Festo, a German manufacturer of electromechanical equipment, has leveraged the technology to create a decentralised manufacturing marketplace. Fetch.ai raised $5 million from GDA Group, a Toronto-based digital asset firm, in March 2021.

FET, the company’s native token, is also available.

Read more: Rarify, an NFT startup, raises $10 million in funding backed by Pantera Capital

Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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