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Bybit, a cryptocurrency exchange located in Dubai, has created a trading tool that leverages AI to produce trading insights and respond to technical inquiries based on its market data.
TradeGPT is being promoted as an AI-driven educational resource that utilizes the generative capabilities of ChatGPT’s extensive language model alongside Bybit’s proprietary ToolsGPT to deliver real-time market evaluations and answers to user queries in multiple languages.
An announcement shared with Cointelegraph emphasized TradeGPT’s capacity to provide market strategies and products related to discussions held with users.
Bybit had earlier introduced ToolsGPT in June 2023. This platform also combines ChatGPT’s machine learning and AI functionalities with Bybit’s market data to perform technical analysis, funding assessments, and predictive modeling.
Related: Bybit’s MVP license in Dubai ‘very restricted,’ CEO says
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Bybit is not the sole cryptocurrency exchange that has investigated the use of ChatGPT to offer users distinctive insights into token valuations, market trends, and projects.
Crypto.com unveiled its own ChatGPT-powered user assistant named Amy in May 2023. Binance has also incorporated OpenAI’s chatbot into its Binance Academy platform to generate responses from its repository of articles and information regarding the broader Web3 ecosystem.
OKX is another exchange examining the potential of AI after integrating EndoTech’s AI tools to evaluate market volatility and trading prospects. Solana Labs has also introduced a ChatGPT-powered plugin that enables the large language model to check wallet balances, transfer Solana-native tokens, and trade non-fungible tokens.
The introduction of these AI tools follows Bybit’s provision of lending services to its users, offering interest earnings on deposited cryptocurrencies within the exchange. Bybit is among several exchanges providing this service, as previously reported by Cointelegraph.
AI is emerging as a driving force for innovation across various sectors. An example is TinyTap, a subsidiary of Animoca Brands, which employs AI to create educational games and non-fungible tokens (NFTs) based on user inputs.
Meanwhile, NASDAQ-listed Iris Energy announced a $10 million investment to acquire 248 of Nvidia’s H100 Tensor Core GPUs to explore generative AI opportunities at its data center locations.
The chip and hardware manufacturer reported record Q2 results in 2023, fueled by a surge in interest in AI-driven tools like ChatGPT.
