ByBit's cryptocurrency exchange integrates ChatGPT to help traders
The euphoria surrounding artificial intelligence [AI] is far from over. Financial organizations from various industries have been utilizing the technology. In fact, cryptocurrency businesses have also checked this box.
Bitcoin exchange ByBit has made known that an AI tool is being incorporated into their trading platform. The analysis of market data will be automated thanks to this ChatGPT-based connection. For context, let's look at ChatGPT, a chatbot created by the startup OpenAI. It became available in November of last year.
ToolsGPT is the name of the new functionality, per the official statement. The AI chatbot may assist customers specifically with "technical analysis, backtested price data, and other essential metrics." Ben Zhou, CEO of Bybit, commented on the news and 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, ByBit gained attention when it teamed up with Mastercard to introduce a cryptocurrency debit card that would enable users to convert cryptocurrency to fiat and make ATM withdrawals.
ToolsGPT can benefit both new and seasoned traders.
ToolsGPT will assist in providing "valuable insights and predictions" for a variety of scenarios, from predicting asset prices based on the present circumstances and indicator cues to predicting future trends, ToolsGPT is equipped to provide "accurate and actionable information." Because of its user-friendliness, ToolsGPT has been created to help both novice and experienced traders.
Recently, Crypto.com introduced a comparable initiative. Amy, the exchange's first-ever AI-powered project, was unveiled last month. The AI companion will aid users in becoming familiar with and learning about the cryptocurrency sector. This is possible with the use of "near real-time information" about particular tokens and projects, as well as historical occurrences. Amy will act as a "crypto expert resource" for common users, according to Watcher Guru. Amy from Crypto.com is modeled like ChatGPT, but it also receives additional training.