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.