Fetch.ai nabs $5M in institutional investment; Fireblocks to add support for FET Token
Mar 10, 2021
In conjunction with the new allocation of funds, Fireblocks will add support for FET tokens, ensuring safe network participation for enterprise and institutional stakeholders
Fetch.ai (https://fetch.ai/), a Cambridge-based artificial intelligence lab building an open-access decentralized machine learning network for smart infrastructure, announced today that the GDA Group & affiliates plans to invest 5 Million into the Fetch ecosystem. In conjunction with the newest injection of funds, FET, Fetch.ai’s native token, will also be added to Fireblocks’ secure wallet and infrastructure platform for institutional investments.
Fetch.ai provides a decentralized framework for building and customizing autonomous AI agents to carry out complex coordination tasks. The platform is powered by its native token FET, which acts as the primary medium of exchange across the Fetch.ai ecosystem and a range of applications designed by the Fetch.ai team. With a strong track record of both public and private partnerships including a decentralized, multi-agent-based system that is integrated with over 700,000 hotels, and the powering of a decentralized marketplace for the global manufacturer Festo, Fetch.ai has created a network driven by cutting edge technology.
“While blockchain has been a revolutionary phenomenon in its own right, a lot of people have been conveniently ignoring the disruptive potential autonomous technologies pose to our industry,” said GDA’s Executive VP of Capital Markets, Karl Samsen. “We’re thrilled to offer our financial and strategic support to Fetch as they are a group that embraces this disruptive competition and is building out a solution that leverages the best of both blockchain integration and autonomous tech in real-time.”
The allocation of funds from GDA Group & affiliates into the Fetch ecosystem paired with FET’s integration onto the Fireblocks infrastructure platform, which currently supports 200 enterprise and institutional customers, points to institutional interest in the Fetch.ai ecosystem. The investment will be distributed over a period of time, decided upon by the aforementioned, and will come with additional funding from interested capital partners during 2021. The allocation of funds will be used for the research and development of Fetch.ai’s existing applications as well as those in the pipeline. It will be instrumental in bringing Fetch.ai’s overarching vision of its AI and Blockchain-based applications closer to commercialization.
“We are excited to enable secure institutional access to FET through the Fireblocks Network, and provide our customers with secure rails to transfer FET without compromising the token’s security,” said Michael Shaulov, CEO of Fireblocks. “We welcome FET to the Fireblocks platform and are looking forward to seeing it take this next step towards the future.”
“Fetch.ai’s integration with Fireblocks and the investment we have received from GDA group & affiliates could not have come at a more opportune time,” said Humayun Sheikh, CEO of Fetch.ai. “With the Fireblocks integration, Fetch now has the necessary infrastructure to bring on institutional capital and strategic support, a moment realized and acted upon by GDA. We look forward to working with both teams to take the Fetch ecosystem to its next stage of growth and development.”
Fetch.ai, a Cambridge-based artificial intelligence lab, is building the infrastructure required for autonomous software agents to begin performing useful economic work on behalf of individuals, machines, businesses, and organizations. Fetch.ai’s network is based around open-source technology and gives users access to the power of AI on a world-scale secure dataset to carry out complex coordination tasks in the modern economy. For more information, please visit https://www.fetch.ai
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