By
Steve Muchoki
April 26th, 2024
CoinMarketCap is not the only crypto company exploring the benefits of AI technologies since the AI hype began.
Crypto data aggregator CoinMarketCap announced its foray into the world of artificial intelligence through the launch of a ChatGPT plugin that promises to redefine crypto analysis for users across the world.
According to the company, the new plugin is designed to function as an AI crypto analyst. To achieve this goal, the tool will combine CoinMarketCap’s crypto data repository with the large-language model (LLM)-based AI chatbot capabilities to enable users to analyze digital assets performance and patterns during significant events.
CoinMarketCap Embraces ChatGPT for Crypto Data Analysis
In an announcement on October 11, the company said the new AI feature aims to democratize access to detailed crypto analysis for users across the globe, making it more accessible to a wider range of participants in the emerging economy.
The ChatGPT plugin, available to ChatGPT Plus subscribers using GPT-4, offers answers to questions about crypto market correlations, performance, and trends.
While the tool is free to use, it’s exclusively accessible to GPT-4 users without incurring additional fees, aside from the standard $20 subscription fee.
“We’re very proud of what we’re delivering with the CoinMarketCap plugin for ChatGPT. Combining AI with a real-time, comprehensive data source like CoinMarketCap will transform the way people do research. It’s like giving every crypto investor their own personal Crypto Analyst,” said David Salamon, the director of product at CoinMarketCap.
CoinMarketCap to Introduce More AI Features
The crypto data company owned by the world’s largest exchange Binance said it plans to introduce more AI features in the future.
David Salamon, the company’s product director described the new milestone as an initial version (V1) claiming there will more features in the future.
“This is v1; there’s a lot more to come, and we’re looking forward to getting feedback from our community. It’s another step forward on our mission to organize the world’s crypto intelligence and make it easily accessible to all.”
Crypto Companies Exploring AI Technologies
Meanwhile, CoinMarketCap is not the only crypto company exploring the benefits of AI technologies since the AI hype began. Several companies including Binance have introduced AI tools to help users navigate the intricacies of blockchain technology.
Binance launched an AI-powered non-fungible token (NFT) generator for verified users. Another crypto exchange Bitget have also rolled out new AI features to help users navigate the intricacies of grid trading. The company announced in July that it has launched the AI feature for its grid trading strategies, leveraging the use of trading algorithms to automate transactions for users.
Additionally, Bitget’s managing director Gracy Chen revealed in a recent interview that the crypto exchange is making use of other AI technologies to handle translation for its multi-language services as well as its customer service department.
In a different financial sector, stock trading exchange Nasdaq which also offers crypto trading options received approval from the United States Securities and Exchange Commission (SEC) in September to execute AI-based trade orders.