Cryptocurrency exchange Bybit, based in Dubai, has developed an AI-powered trading tool that utilizes natural language to provide in-depth insights into trading and answer technical questions from its market data. This tool, named TradeGPT, leverages the synthesis capabilities of the large language model ChatGPT and Bybit’s internal tool ToolsGPT to offer real-time market analysis and multi-language user question answering.
Bybit introduced ToolsGPT in June 2023, integrating machine learning and AI capabilities from ChatGPT with Bybit’s market data for technical analysis, capital flow analysis, and predictive modeling. Bybit is not the only crypto exchange exploring the use of ChatGPT to provide unique insights into token prices, market trends, and projects.
Crypto.com unveiled its own user assistant, named Amy, powered by ChatGPT in May 2023. Binance also integrated an OpenAI chatbot into its Binance Academy platform to provide feedback from a database of articles and information across the broader Web3 ecosystem.
Other exchanges like OKX have also ventured into AI’s potential by incorporating AI tools like EndoTech for market volatility analysis and trading opportunities. Solana Labs introduced a ChatGPT-supported plugin allowing the language model to check Solana wallet balances, facilitate Solana token transfers, and trade non-fungible tokens (NFTs).
These AI tool releases stem from Bybit’s lending services for users, with interest payments for cryptocurrencies being sent through the exchange. Bybit is one of the few exchanges to offer this service. AI is proving to be a catalyst for innovation across various sectors. Animoca Brands’ subsidiary, TinyTap, serves as an example of a platform utilizing AI to create educational games and NFTs based on user prompts.
Meanwhile, Nasdaq-listed Iris Energy announced a $10 million investment to purchase 248 Nvidia H100 Tensor Core GPUs, aimed at exploring AI innovation opportunities in their data centers. Chip and hardware manufacturers reported unprecedented Q2 results in 2023 due to the surge of interest in AI-supportive tools like ChatGPT.