Fetch.AI invests $100 million in AI blockchain tech, introduces rewards for token holders Fetch.AI invests $100 million in AI blockchain tech, introduces rewards for token holders
Fetch.ai said its infrastructure development fund helps to address GPU scarcity and empower developers.
2 min read
Updated: Mar. 5, 2024 at 3:54 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Fetch.AI, an artificial intelligence-related blockchain network, has unveiled plans to deploy cutting-edge graphics processing units (GPUs) and introduce rewards for FET holders following a recent $100 million infrastructure investment, according to a Mar. 5 statement shared with CryptoSlate.
$100 million infrastructure development fund
The AI platform revealed it secured $100 million in infrastructure development funding to launch Fetch Compute.
Fetch Compute will leverage Nvidia’s H200, H100, and A100 GPUs, establishing a robust platform for developers and users to harness computing power effectively. This initiative aims to catalyze innovation within the blockchain network’s ecosystem by facilitating the exploration of intricate models and solutions.
Funding for this strategic deployment originates from the Fetch Ecosystem Fund and demonstrates the network’s proactive approach to addressing GPU scarcity and empowering developers.
Humayun Sheikh, the CEO of Fetch.ai, said:
“Fetch Compute is not just an infrastructure investment ; it’s an investment in the future of AI and the ecosystem of innovative developers who are pushing the boundaries of what’s possible with our platform.”
Rewarding FET holders
Fetch.ai is set to roll out a new reward system alongside the launch of Fetch Compute, aiming to benefit FET holders.
Starting Mar. 7, FET holders will have the opportunity to accrue Fetch Compute Credits. These credits enable them to cover GPU usage fees, granting access to the scarce computational resources of the decentralized Fetch compute network. Moreover, FET can also be used to pay for Compute usage.
The project’s team stated that this development marks a significant stride for creators engaging in resource-intensive decentralized AI ventures. Sheikh added:
“By marrying substantial compute resources with our unique compute credit system, we’re ensuring that our community has the support and tools necessary to bring their visionary AI projects to life.”
FET is the fourth-largest AI-related token, as per CryptoSlate’s data. Over the past month, its value surged by over 240% amid reports of financial troubles. However, the project vehemently refutes such claims.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Fetch.AI, founded in 2017 and launched on Binance in March 2019, is an innovative platform combining artificial intelligence with blockchain technology.