Swarm Network raised $13M to facilitate decentralized AI

2 hours ago

Decentralized AI task Swarm Network has raised $13 million, including $10 cardinal done NFT-based cause licenses and $3 cardinal from strategical investors.

Swarm Network raised $13M to facilitate decentralized AI

Decentralized artificial quality protocol Swarm Network raised a full of $13 cardinal to physique an AI verification protocol.

According to a Wednesday announcement shared with Cointelegraph, $10 cardinal of the raised funds were secured done the protocol’s licenses to run agents. A task spokesperson told Cointelegraph that each licence is simply a non-fungible token (NFT) that allows its holder to get regular rewards for operating agents and maintaining the network.

The remaining funds originate from a $3 cardinal strategical concern from investors, including Sui (SUI), Ghaf Capital, Brinc, Y2Z, and Zerostage. The investments by Sui, Ghaf, and Brinc were secured by Swarm’s information successful SuiHub’s Dubai-based planetary accelerator.

Swarm Network is gathering a decentralized protocol that attempts to crook offchain information into verifiable onchain information. The strategy has seen an aboriginal adopter successful the AI-powered fact-checking solution Rollup News, wherever 128,000 users person reportedly verified implicit 3 cardinal posts to date.

Crypto-AI matrimony attracts attention

Blockchain exertion and integer assets are progressively paired with artificial quality technology, attracting important capitalist interest. Numerai, an AI-driven hedge money backed by Paul Tudor Jones, precocious secured a committedness of up to $500 cardinal from JPMorgan Asset Management.

Earlier this month, crypto speech Kraken acquired Israel-based startup Capitalise.ai, a no-code trading automation level that turns natural-language commands into executable strategies. Some firms wantonness crypto for AI altogether, with cryptocurrency miner TeraWulf pivoting into AI infrastructure hosting successful mid-August.

The emergence of crypto AI agents

AI agents, a word referring to AI bots that person entree to tools and tin enactment independently to execute their objectives, are gaining important traction successful the crypto space. Earlier this month, Coinbase improvement squad members Kevin Leffew and Lincoln Murr went arsenic acold arsenic to accidental that AI agents whitethorn become Ethereum’s “biggest powerfulness user.”

The statements followed anticipation aft precocious 2024, manufacture executives told Cointelegraph that AI agents would summation important traction this year. Predictions astatine the clip included that specified agents would instrumentality connected a much salient relation wrong decentralized communities and that decentralization would marque AI much trustworthy.