ByBit becomes the latest crypto firm to enter the artificial intelligence bandwagon by incorporating an AI tool based on ChatGPT into its trading platform to automate market data analysis.
According to a press release, users can query for “technical analysis, backtested price data, and other essential metrics,” using the new feature, called ToolsGPT.
For instance, Bybit traders will be able to forecast price movements based on historical data and technical indications by utilizing the technology.
“By integrating ChatGPT into Bybit Tools, we are able to give users more comprehensive information when making their decisions,” said CEO Ben Zhou in a statement.
Launched in November 2022, ChatGPT is a ground-breaking chatbot that makes use of natural language processing and was created by the startup OpenAI.
Touted as the next big thing after digital assets, blockchain, and crypto firms are rushing to keep up with the AI trend by figuring out how to integrate artificial intelligence into their daily operations.
Some notable examples of digital asset exchanges embracing this AI tool are Crypto.com and Bitget.
In late April, Solana Labs announced the creation of an open-source reference implementation for a ChatGPT plugin that lets users interact with the blockchain, TronWeekly reported.
Prior to this, the world’s largest crypto exchange Binance announced integrating ChatGPT into its education platform, Binance Academy.
In a blog post dated April 24, the exchange unveiled its brand-new AI-powered product, which it called “Binance Sensei.”
A few weeks back, Elliptic, a crypto risk management firm, plugged ChatGPT into its operations to boost the effectiveness of identifying crypto threats.
Bybit Bids Adieu To Canada
According to the June 1 statement, Elliptic has linked ChatGPT to its off-chain intelligence and research operations to improve the precision and timeliness of new risk identification.
The company’s researchers claimed they were able to examine more risk indicators at a significantly faster rate because of the implementation of ChatGPT.
With ByBit jumping into the latest AI hype, one hopes the technology will bolster its service offerings across the globe.
Meanwhile, the crypto exchange suffered a setback when it was decided to cease operations in Canada as a result of regulatory difficulties.
The action follows the release of new guidelines by the Canadian Securities Administrators [CSA] in February, which called for crypto asset trading platforms to apply for approval and submit background checks.