DWF Labs, which invested $10 million in Orbs Network in the past weeks, announced in a new move that it has allocated $ 40 million to the largest artificial intelligence coin project in the market.
DWF Labs focuses on AI coin market
Artificial intelligence continues to attract institutional attention as a cryptocurrency trend. The latest funding from DWF Labs was the company’s sixth investment this month. Market maker and investment firm DWF Labs announced today that it has invested $40 million in artificial intelligence-focused crypto protocol Fetch.ai (FET).
Fetch.ai plans to use the investment in its platform for decentralized machine learning, autonomous agents, and network infrastructure.
Fetch.ai’s goal is to provide developers with an autonomous machine-machine ecosystem, enabling them to distribute applications and earn money. Fetch.ai uses bits of code that it calls “autonomous economic agents” to create connections between independent parties and with real-world systems and devices.
How did FET price react to the investment news?
Fetch.ai (FET), which is traded at 119th place by market capitalization, evaluates investment news with double-digit earnings. At the time of writing, the last 24-hour gain is 13% and the price is trading at $0.3821. For comparison, Bitcoin and Ethereum were calm during the same hours. With the news of the investment, FET managed to separate the competitors in terms of price.
Why is the artificial intelligence coin market preferred?
The latest investments come after traders started betting on the potential of AI and crypto following the recent rise in popularity of AI-driven chatbots like ChatGPT and image generation software DALL-E.
Both of these are traditional software that does not use cryptocurrencies or Blockchain. However, the spike in institutional interest in their parent company OpenAI, which recently raised $10 billion at a $29 billion valuation, has helped create a convincing argument for crypto traders.
About DWF Labs
Recent funding for FET is a substantial sum in the current market and comes from a single company, DWF Labs, an incubator tied to an asset called Digital Wave Finance. The second company is described by DWF Labs as a “top 5 trading establishment by volume in cryptocurrency,” but ironically, it can’t be traced online.
Meanwhile, DWF Labs was in the news last week as it invested $40 million in a startup called Tomi, which aims to create a distributed “alternative internet,” and in November 2022, the blockchain that was originally part of Telegram but resurfaced TON’. He also supported.
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