Binance’s venture capital arm invests in AI-focused firms as it continues to merge blockchain technology with digital assets.
Recently, Binance revealed investments in MyShell and Sahara AI, two decentralized AI ecosystems.
The venture capital and incubator division of cryptocurrency exchange Binance has invested in firms centered around artificial intelligence as it continues to converge with blockchain technology and digital assets.
Investment director of Binance Labs, Max Coniglio, explained the rationale behind the cryptocurrency company’s latest AI investments and the specifics of the most recent investments made.
The venture capital firm invested in Sahara AI, a decentralized platform, on August 14. Its objectives are to produce an autonomous agent, reward players for running infrastructure, and establish an AI ecosystem that enables onchain attribution throughout the AI development cycle.
Also, on August 15, Binance Labs declared that it had invested in MyShell, a decentralized artificial intelligence platform. Users of the platform can create and distribute their own AI applications.
AI-driven decentralized applications
Coniglio said that promoting artificial intelligence (AI)-powered decentralized applications (DApps) is one of their current investing aims.
The CEO of Binance Labs thinks that open source will help blockchain and artificial intelligence grow. Coniglio clarified:
“AI and blockchain are a powerful combination. Both thrive on open-source innovation, challenge traditional regulations, and drive significant wealth creation. They complement each other by addressing mutual challenges.”
Coniglio thinks the two technologies are compatible. He claimed that AI strengthens decentralized systems and makes blockchain more user-friendly. However, the CEO clarified that blockchain enables cooperation on open-source projects, guarantees authenticity, and meets AI’s computational requirements.
Coniglio emphasized that although it appears promising on paper, there are still obstacles for people who wish to develop with these technologies.
According to the CEO at Binance Labs, blockchain projects and developers need to create reliable products and long-lasting companies. “Founders must understand AI technology and have excellent business sense to thrive. He said, “New technology alone won’t have a significant influence.
Ahead of Nvidia’s earnings release, AI tokens rise.
Tokens with an AI focus have gained significant momentum over the past week as investors await the release of Nvidia’s much-awaited earnings report. Over the past week, advances in AI-focused tokens like Near Protocol NEAR$4.94, Artificial Superintelligence Alliance (FET), Bittensor (TAO), and Render (RENDER) have outpaced those in the overall cryptocurrency market.
Because he thinks Nvidia is the cornerstone of the AI revolution, Dan Ives of Wedbush Securities called the impending event “the most important tech earnings in years.”