AI cryptocurrency Fetch.ai (FET) is soaring

Thanks to Bosch and DeFi – AI cryptocurrency Fetch.ai (FET) is soaring

The crypto project specialising in artificial intelligence is gaining momentum, especially thanks to its cooperation with the major German corporation.

Artificial Intelligence (AI) and Machine Learning (ML) are increasingly morphing into two cornerstones of the Digital Transformation.

At a fundamental level, the information collected, gathered and processed by AI is simply data. Blockchains, in turn, are networks for storing and transmitting data.

Fetch.ai (FET), a crypto project based in the Bitcoin Bank prestigious university city of Cambridge, aims to take advantage of this by building a decentralised platform that combines both machine learning and artificial intelligence with blockchain technology.

As data from Cointelegraph Markets and TradingView shows, FET’s price has increased by 720% since the beginning of 2021. In addition, the altcoin was able to reach a new annual high of US$0.40 this week.

Bosch and DeFi create hype

A look at the Twitter activity around the crypto project makes it clear that the hype around Fetch.ai started at the end of January when the first tweets about Mettalex (MTLX) were sent. This is a Decentralised Crypto Exchange (DEX) based on Fetch.ai’s blockchain network. What makes it special is that the decentralised trading platform uses „autonomous and intelligent oracles“ for Decentralised Financial Services (DeFi).

As Decentralised Financial Services are also trending strongly, their inclusion had a noticeably significant impact on FET’s trading volume.

As part of the launch of Mettalex, crypto investors were able to „stake“ their FET assets on the platform for 3 months. This earns them an interest return of 10%, which in turn is paid out in the form of the cryptocurrency MTLX.

Fetch.ai was able to further fuel the hype around its own project in February by concluding several major partnerships. The most important cooperation was entered into with the major German corporation Bosch, with the aim of increasingly linking artificial intelligence with blockchain.

The test network of the crypto project has been running since October 2020. The mainnet is scheduled to go live in mid-March, and the development team is probably well on schedule, as the launch was announced again just the day before yesterday (see below).

The release of the first native app proves that the development of the Fetch.ai ecosystem is slowly gaining momentum. Accordingly, transactions and trading volumes are currently at record highs, which underpins the growing interest in the project.