ByBit Launches ChatGPT-Powered Crypto Trading Bot
The UAE-based exchange becomes the latest crypto platform to integrate an AI language model.
Dubai-headquartered cryptocurrency exchange ByBit has unveiled TradeGPT, an artificial intelligence (AI) language model that will give customers trading insight by leveraging the platform’s live market data and also responds to technical queries.
Dubai Based Crypto Exchange Launches AI Trade Bot
TradeGPT combines the generative ability of OpenAI’s ChatGPT machine learning model with ByBit’s own AI plugin - ToolsGPT - to provide users real-time data on the crypto markets along with technical and trading analysis. The algorithm also gives users multilingual responses based on their prompts.
According to a press release by the company, TradeGPT will function as a Web3 educational tool that will guide investors through the dynamic crypto environment by giving them investment strategies and recommend crypto assets that are tailored to fit into a particular strategy.
ToolsGPT is an AI plugin developed in house by ByBit that leverages ChatGPT’s machine learning technology and the exchange’s extensive market data to conduct technical analysis, funding analysis, and model predictions. The machine learning algorithm was launched in June.
ByBit is offering TradeGPT as a free option for anyone that wishes to educate themselves about the crypto market and its investment and trading techniques. The move is also part of the company's mission to establish itself as a comprehensive crypto educational hub and a mainstay in the world of cryptocurrency and blockchain.
Various Crypto Exchanges Are Starting To Deploy AI Algorithms Onto Their Platforms
With TradeGPT, ByBit has placed itself among prominent crypto brands that have integrated ChatGPT plugins onto their protocols.
In May, Crypto.com launched its own version of an in-app AI assistant dubbed Amy that was powered by the OpenAI chatbot.
In similar fashion, Seychelles-based crypto exchange OKX integrated EndoTech’s machine learning tool to aid in analysing market volatility and trading opportunities.
Binance, the world’s largest crypto exchange by trading volume, also implemented ChatGPT onto its educational portal - Binance Academy. The language model generates responses to users’ queries by exploring Binance’s vast database of Web3 contents.
Solana Labs, creators of the Solana (SOL) blockchain, also launched a ChatGPT-powered plugin that allows the AI to check balances on Solana wallets, and transfer or trade Solana-native tokens and NFTs.
TinyTap, a subsidiary of blockchain game developer Animoca Brands, is using AI tools to generate non-fungible tokens and Web3 educational materials based off of user prompts.
Artificial Intelligence Will Play A Huge Role In The Future Of The Crypto Sector
Artificial Intelligence is being explored as an innovative solution across a number of industries, and it is not surprising that the crypto sector also jumped in at the first turn.
OpenAI themselves have entered the crypto space by introducing the WorldCoin (WLD).
One thing is for sure, moving forward, AI models will have a bigger role to play in the blockchain and crypto industry.