Dubai-based cryptocurrency exchange Bybit has developed a trading tool that uses artificial intelligence to generate trading predictions from market data and answer technical questions. By combining the AI capabilities of ChatGPT with market data, Bybit aims to provide users with a better trading experience. The use of AI in the cryptocurrency sector is rapidly increasing, offering new opportunities and innovations. In addition to these developments, companies like Iris Energy are also investing in AI opportunities to contribute to this growth trend.
AI Step from Bybit
TradeGPT is being launched as an AI-supported educational tool that utilizes the extensive language model of ChatGPT and the productive capabilities of Bybit’s in-house tool, ToolsGPT, to provide real-time market analysis and answer user questions in various languages. Bybit previously launched ToolsGPT in June 2023. The platform also integrates ChatGPT’s machine learning and AI capabilities with Bybit’s market data to perform technical analysis, funding analysis, and model predictions. Bybit is not the only cryptocurrency exchange exploring the use of ChatGPT to provide information on token prices, market movements, and projects.
Crypto.com introduced its own user assistant supported by ChatGPT, named Amy, in May 2023. Binance also integrated OpenAI’s chat bot into the Binance Academy platform to generate answers from articles and information databases about the wider Web3 ecosystem. After integrating EndoTech’s AI tools to analyze market volatility and trading opportunities, OKX explored the potential of AI. Solana Labs also launched a ChatGPT-supported plugin, allowing the large language model to check wallet balances, transfer Solana-specific tokens, and engage in token trading.
Integration of Web3 and AI
The release of these AI tools follows Bybit’s introduction of lending services and interest payments for crypto assets deposited on the exchange. Bybit is one of several exchanges offering this service. AI proves to be a catalyst for innovation in the cryptocurrency sector. TinyTap, a subsidiary of Animoca Brands, is an example of a platform that uses AI to generate educational games and NFTs based on user requests.
Meanwhile, Iris Energy, listed on NASDAQ, announced a $10 million investment to explore productive AI opportunities by purchasing 248 Nvidia H100 Tensor Core GPUs for its data center facilities. The chip and hardware manufacturer reported unprecedented second-quarter results in 2023, driven by the surge of interest in AI-supported tools like ChatGPT.
