The Artificial Intelligence [AI] hype is far from cooling down. Several companies from the financial sector have been tapping into the technology. In fact, crypto firms have also been checking this box.
Crypto exchange ByBit recently revealed that it is integrating an AI tool into its trading platform. This ChatGPT-based integration will help in automating market data analysis. For context, ChatGPT is a chatbot developed by startup OpenAI. It was released in November last year.
According to the official statement, the new feature is called ToolsGPT. Specifically, the AI chatbot can help users with “technical analysis, backtested price data, and other essential metrics.” Commenting on the development, Ben Zhou, CEO of Bybit said,
“By integrating ChatGPT into Bybit Tools, we are able to give users more comprehensive information when making their decisions. ToolsGPT is a testament to our commitment to empowering traders with advanced tools and insights.”
Prior to this, BuBit made it to the news when it tied up with Mastercard to launch a crypto debit card to help users convert crypto to fiat, and withdraw cash from ATMs.
ToolsGPT can help both novice and experienced traders
ToolsGPT will help in providing “valuable insights and predictions” for various scenarios. Right from forecasting assets’ prices based on the current conditions and indicator hints, to envisioning future trends, ToolsGPT is equipped to provide “accurate and actionable information.” Owing to its user-friendliness, ToolsGPT has been designed to assist both novice and experienced traders.
Crypto.com launched something similar recently. Last month, the exchange’s first-ever AI-powered initiative, Amy was revealed. The AI companion will help users familiarize themselves and learn about the crypto industry. This can be done using “near real-time information” about specific tokens and projects, and past events. As reported by Watcher Guru, Amy will serve as a “crypto expert resource” for the average user. Crypto.com’s Amy is inspired by ChatGPT but it is being additionally trained as well.