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

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

CORRECTION (March 24, 16:45 UTC): A previous version of this story stated that MEXC Global's fund had also been launched with Huobi because of inaccurate information supplied by MEXC Global.