Trading platform Crypto.com has unveiled its first artificial intelligence initiative Amy, a chatbot that can assist users in their journey of understanding the crypto industry.
Amy provides near-real-time information about tokens and crypto projects, including historical events and price listings. The chatbot serves as a crypto expert resource for Crypto.com customers, using deep learning and big data to help investors find opportunities in the ever-evolving crypto sector. Amy, however, “does not provide financial or investment advice.”
OpenAI’s chatbot ChatGPT becomes the main inspiration for Amy’s underlying technology. According to Crypto.com, it trains Amy with specific case examples so the chatbot can provide more accurate and relevant information for the exchange’s users.
This project is currently in beta and only available to select users who leverage a Crypto.com/Price account. In the coming weeks, Crypto.com plans to increase the accessibility to the AI-based feature. The company will also launch Amy to more Crypto.com experiences in the future, including in its mobile app.
Crypto.com global head of product Abhi Bisarya said the exchange saw “incredible potential and opportunity” in merging AI technology with its platform. Bisarya also said that Crypto.com was “bullish” about further development of AI within the crypto sphere.
According to Bisarya, Crypto.com will enhance the utility of Amy and create more AI-powered features using information obtained from the present pilot project. Crypto.com chief executive officer Kris Marszalek said the company’s “priority focus” since its inception was building the ecosystem.
Before Amy, Crypto.com launched a series of new products, including the UpDown Options for U.S. users and the GEN 3.0 Crypto.com Exchange. The UpDown Options feature enables users to profit from predicting the future price movement of certain tokens. Meanwhile, GEN 3.0 is the latest major update to the platform, transitioning Crypto.com to a “one-exchange-and-one-wallet” infrastructure to improve its performance.
In addition to “furthering its innovation pipeline,” the exchange says it is committed to complying with the regulatory framework regarding the digital asset sector. Crypto.com currently serves over 80 million users across the globe, with its U.S. entity being regulated by the country’s Commodity Futures Trading Commission.
Regulatory issues have long plagued the crypto industry because there is no standard that countries can follow in drafting their own regulations. Furthermore, policymakers in different countries have different sentiments toward crypto. In the U.S., for instance, industry players have said that financial authorities are trying to hamper innovation in the crypto sector.
On the other hand, some countries have legalized the use of major crypto tokens like Bitcoin in their daily financial activities. The U.K. Financial Conduct Authority also recently asked crypto companies to cooperate in developing clear regulations about digital assets.
Other crypto companies implementing AI technology
Crypto.com is not the only crypto entity interested in tapping into the potential of AI technology. In March, Binance launched an AI-powered non-fungible token (NFT) art platform called Bicasso. The platform enables users to create images based on their prompts and samples using AI technology.
Bicasso users can print their creations as NFTs on the BNB blockchain and own full rights to their artwork. Binance initiated the project with a beta trial involving 10,000 mints. The program is unavailable for general users in the meantime, but users can put their names on a waitlist to join.
Crypto lender Nexo has also employed AI to assess the creditworthiness of potential debtors. According to the company, the technology speeds up the assessment process and makes it easier for Nexo to detect fraud.
Analysts said more crypto companies would integrate AI into their platforms due to its potential benefits to the nascent sector. One of the biggest advantages of AI is automating tedious tasks that can inhibit a crypto platform’s performance.